Central America
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Lat Am bankers remain bearish on new issuance prospects for August despite quite busy secondary markets and as US investment-grade corporates and Asian credits flock to market. -
EM bond markets around the world have been forced by difficult conditions to shut down early for summer. The only trade due this week, from South Africa's Eskom, will have to attract investors that are ready to hunker down and wait for September.
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Latin American corporate bond refinancing needs will surge next year just as external financing conditions have worsened and as new governments take office across the region, Fitch warned this week.
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Mexico filed a $10bn debt shelf with the US Securities and Exchange Commission on Tuesday, leaving bankers to ponder when Mexican issuance could return.
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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.
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When it finally came, the result of the election that markets had feared all year in Mexico was comprehensive. But the reaction was underwhelming.
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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.
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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.
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The North American Development Bank (NADB) will hold meetings in Geneva and Zurich to discuss a debut Swiss franc green bond.
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Central American development bank Cabei issued Ps4bn ($199.8m) of Mexican peso denominated debt via a dual-tranche bond sale last week.
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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.
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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.
