Central America

Mexico filed a $10bn debt shelf with the US Securities and Exchange Commission on Tuesday, leaving bankers to ponder when Mexican issuance could return.

Standard & Poor’s has upgraded Central American development bank Cabei to A+ and left it on positive outlook, as the lender edges closer to its much-vaunted double A credit rating — a level at which it may return to the dollar benchmark market.

When it finally came, the result of the election that markets had feared all year in Mexico was comprehensive. But the reaction was underwhelming.

As left-wing candidate Andrés Manuel López Obrador eased to victory in Mexico’s presidential elections last night, investors are wondering just how insistent he is likely to be with some of his more disruptive policy proposals.

The North American Development Bank (NADB) will hold meetings in Geneva and Zurich to discuss a debut Swiss franc green bond, as the possibilities for arbitrage grows for international SSAs.

The North American Development Bank (NADB) will hold meetings in Geneva and Zurich to discuss a debut Swiss franc green bond.

Central American development bank Cabei issued Ps4bn ($199.8m) of Mexican peso denominated debt via a dual-tranche bond sale last week.

Mexican state owned oil company Pemex (Petróleos Mexicanos) raised €3.15bn ($3.722bn) across four tranches on Wednesday to provide some relief to a bruised and battered Lat Am bond market.

Pemex’s annual European outing on Wednesday came as a pleasant surprise to many Lat Am bond bankers, showing Lat Am issuers still have significant pulling power. But the euro market is unlikely to pull more borrowers from the region, even as dollar funding costs rocket.

Central America development bank Cabei (BCIE in Spanish) has hired a new head of debt capital markets to lead its bond issuance programme.

Petróleos Mexicanos (Pemex) sold 5.5 year Swiss franc bonds on Thursday, its first issue in the market for two years. With international supply falling in the last few years, Swiss investors leapt at the opportunity to buy investment grade Latin American credit.

The Central American Bank of Economic Integration (Cabei) was back in Taiwan’s Formosa market on Friday with a renminbi-denominated bond, more than 18 months since its last renminbi-denominated issuance.