Central America

Fitch has slashed the rating of Mexican textiles company Kaltex by three notches to CC, warning that the issuer could soon look to restructure its $320m senior unsecured notes maturing in April 2022.

Fitch Ratings slashed the rating of Mexican textiles company Kaltex by three notches to CC on Monday, warning that the issuer could soon look to restructure its $320m senior unsecured notes maturing in April 2022.

Some EM investors are starting to see value in bonds issued by troubled Mexican state oil company Pemex, while further potential support from the government could lift the bonds further.

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.