Central America

Auto parts supplier Nemak became the third Mexican borrower to issue in euros in 2017, tightening pricing three times on the way to a €500m seven year non-call three bond.

Bondholders of Belize’s struggling superbond have backed the government’s amendments to a restructuring proposal after the borrower finally ceded ground during negotiations.

The government of Belize appears to have finally come to an agreement with bondholders after promising to ensure more prudent financial management as part of a debt restructuring.

Mexican autoparts manufacturer Nemak will begin a roadshow next week ahead of a planned euro-denominated bond debut, looking to become the third Mexican issuer of 2017 — and the third in euros.

Mexican cement company Cemex said on Tuesday that it would buy back $475m of existing dollar bonds after receiving a strong response to its proposed tender offer.

A healthy pick-up to Central American peers, and investor optimism that political bickering would not put the country at risk of default, allowed El Salvador to raise $601m of vital 12 year funding on Tuesday, despite the sovereign rapidly nearing triple-C status.

Inversiones Atlántida, the Honduran financial holding company, could look to issue a debut international bond in March after postponing plans in November when Donald Trump’s election as US president shook markets.

Central American sovereign Belize failed to make a $13m coupon payment on its 2038 bonds this week, after saying it hoped to persuade bondholders to agree to a consent solicitation that would provide significant debt relief.

Inversiones Atlántida, the Honduran financial holding company, could look to issue a debut international bond in March after postponing plans in November when Donald Trump’s election as US president shook markets.

Central American sovereign Belize said on Monday that it had “deferred” payment of a $13m coupon payment due on its 2038 bonds on February 20 as it seeks to persuade bondholders to participate in a debt restructuring.

The government El Salvador was able to raise $601m of 12 year bonds on Tuesday despite a recent deterioration in credit quality as investors said the sovereign’s yields were offering sufficient reward for the risk.

Mexican issuers have earned the confidence of investors through years of astute market relations.