Central America

Food producer Sigma Alimentos, a subsidiary of Mexican conglomerate Grupo Alfa, emerged with pricing for a seven year euro benchmark on Thursday morning.

The Central American Bottling Corporation (CBC) will redeem all of its $300m of bonds due 2022 after pricing a new 10 year deal that has performed very strongly in secondary markets.

Grupo Alfa-owned food company Sigma may finally bring the first Mexican bond deal of 2017 next month. As Donald Trump’s ascendancy to the US presidency engulfs the country in uncertainty, DCM bankers say issuers are calm despite the lack of activity.

Central American development bank Cabei began its funding for 2017 by issuing more than $100m-equivalent in niche currencies, the bank’s head of capital and financial markets told GlobalCapital.

Analysts believe that Belize’s third restructuring of the century could drag on long after the government’s target end-date of March after certain bondholders said they would reject a proposed amendment to the terms of its so-called “superbond”.

Multinational food company Sigma Alimentos is preparing ground for what is likely to be the first new issue from a Mexican borrower since Donald Trump became president of the United States.

Brazilian aircraft manufacturer Embraer and Guatemala-headquartered Central American Bottling Corporation (CBC) showed that Latin American bond markets had put the softness at the end of last week behind them with heavily oversubscribed trades on Wednesday.

Six Latin American issuers attracted more than $45bn of orders between them this week as the region’s bonds markets looked set to open Donald Trump’s term as US president in flying form.

Belize is asking bondholders to allow it to delay the amortisation of and reduce the coupon rate on its $526.5m 2038 bond in what the country’s financial secretary said would be the “mildest adjustment” to the notes that could make them “sustainable”.

Honduras’s first bond issue in more than three years capped a roaring week for Latin American primary markets, with seven borrowers raising more than $7.5bn between them, when the issue was priced with a negative new issue premium.

Central American sovereign Honduras will begin meeting fixed income investors on Friday ahead a potential 10 year dollar bond.

Years of sub-par growth may finally hurt the ratings of Latin America’s two strongest economies, after Fitch placed Mexico and Chile’s ratings on negative outlook.