Central America

Government-owned Costa Rican lender Banco Nacional de Costa Rica (BNCR) will wrap up a tender offer for its dollar bonds ahead of schedule after the early-bird stage of the buy-back was oversubscribed.

Cement company Cemex brought hope for the Mexican bond pipeline as it turned to Europe to become the first Mexican credit to issue internationally since January, while the sovereign also crossed the Atlantic for investor meetings this week.

Cement company Cemex became the first Mexican credit to issue internationally since January as it tapped European investors for a new seven that it will use to refinance existing debt.

Cemex is back in the bond market after a year and a half’s absence, opening books on a senior secured bond in euros.

Central American development bank Cabei will return to US bond markets for the first time since 2012 after a better than expected two notch upgrade from S&P left it keen to enter the realm of true SSAs, said its CFO. But the issuer will be doing so without Fitch, after deciding the rating agency’s methodology did not reflect its new business model.

Government-owned Costa Rican lender Banco Nacional de Costa Rica (BNCR) is looking to buy back a portion of its shortest-dated international bond.

Government-owned Costa Rican lender Banco Nacional de Costa Rica (BNCR) is looking to buy back a portion of its shortest-dated international bond.

There was more bad news for Mexico’s standing in bond markets last Friday evening as S&P shocked many market participants by slapping a negative outlook on the sovereign’s BBB+ rating.

Bonds issued by Mexican state oil company Pemex have had a torrid week after support measures announced by the government did not reassure markets.

Pemex's bonds were again the most under-performing in Latin America markets on Tuesday as investors continue to punish the company for last Friday’s apparently underwhelming government support package.

Pemex bond prices slid further on Friday after analysts said Mexican president Andrés Manuel López Obrador’s measures to support the state oil giant would not be enough to prevent continued deterioration in its credit quality.

Brazilian lender BTG Pactual will hit the road next week as it looks to capitalise on improving investor sentiment around Brazil, in order to issue a 10 year non-call five Basel III compliant tier two note.