Central America

Mexican hotel operator Grupo Posadas reopened its dollar bonds due 2022 for a further $50m on Monday in a drive-by trade that will be used mainly to refinance the $38m left under its outstanding 2017s.

Central American sovereign Guatemala sold its first international bond in three years this week, with market participants saying a strong technical bid from local investors helped it to a relatively tight yield.

Guatemala will undertake a second day of investor calls on Thursday ahead of what is likely to be the its first international bond since February 2013.

Mexican cement company Cemex is looking to buy back up to $400m of senior secured bonds, the latest exercise in liability management.

Mexican refrigerated food company Sigma Alimentos sold the first dollar denominated high grade private sector bond from Latin America this year on Monday, taking advantage of low corporate supply to tighten pricing.

Banco Nacional de Costa Rica (BNCR) sold the first ever high yield green bond from Latin America on Wednesday, jumping on the momentum in a buoyant market provided by Argentina’s jumbo bond comeback.

Banco Nacional de Costa Rica’s decision to wait for Argentina’s gigantic bond comeback to be priced was proven to be wise on Wednesday as it notched a 5.5 times oversubscribed green bond.

Lat Am syndicate bankers said on Thursday that the market remained in wait-and-see mode ahead of Argentina’s imminent jumbo bond return as another week passed without issuance.

Beverage company Femsa became the third Mexican company in a week to sell euro denominated bonds on Monday, jumping on an ECB-driven rally in credit markets to sell €1bn of seven year paper.

Costa Rica based lender Banco Bac San José is looking to syndicate a slice of a $75m borrowing in Asia, sending out an outline of the loan to prospective participants in the region on Monday.

Mexican duo Pemex and América Móvil headed to Europe to raise financing this week, becoming the first corporates of the year to join the trend of Latin American borrowers selling euro denominated debt.

Cemex tightened its latest deal by over 50bp from initial price thoughts as the Mexican cement company was rewarded for a conservative starting strategy with a well-oversubscribed book.