Central America

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.

Mexican IT infrastructure provider Kio Networks was unable to budge pricing on its second ever international bond on Thursday, but market participants following the deal said the company should be happy with the result amid tough market conditions.

Latin America’s only new issue of the week was down in the grey market on Thursday, despite investors singing the praises of the credit as bankers said the region’s bond markets were struggling to gain momentum in the face of bulging pipeline.

Cometa Energía, a group of Mexican energy assets to be acquired by emerging markets private equity firm Actis, is understood to be preparing a bond issue of $907m that will be used to finance the buy-out.