Central America

Mexico issued in dollars for the first time since the US presidential elections on Thursday. Bankers said the sovereign had been able to take advantage of an improvement in market sentiment based on hopes that US president Donald Trump’s policies towards the country might not be as harsh as feared.

Central American sovereign Belize said on Wednesday that it had received the necessary approval from bondholders to restructure dollar bonds that comprise nearly 40% of its total debt stock.

Central American sovereign Belize said on Wednesday that it had received the necessary approval from bondholders to restructure dollar bonds that comprise more nearly 40% of its total debt stock.

Bank of America Merrill Lynch has hired Ricardo Fernandez Rebolledo from Credit Suisse as head of Mexico investment banking.

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.