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The outcome from a fiscal policy perspective is 'binary', said an emerging markets debt investor
One Brazilian company printed in a tricky period for the country's corporate borrowers
Rede D'Or rode over investor concerns about the health of Brazilian corporates, while Edenor landed its first benchmark bond
Books for the jumbo €5bn deal were more than three times subscribed
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Panama sold $2bn of bonds across two tranches on Wednesday, including a $1.25bn 10 year local bond that was priced over 85bp wide of its global curve. Most observers thought it was an attractive pick-up for investors.
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Mexican car parts maker Nemak sold $500m of sustainability-linked bonds on Wednesday in its first issue since it was spun off from conglomerate Grupo Alfa. Nemak’s deal was priced 25bp inside a recent SLB from its similarly rated peer Metalsa.
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Frigorífico Concepción, the Paraguay beef exporter, is looking to sell new bonds to refinance its senior secured 2025s just six months after it last tapped the notes.
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Analysts said that Argentina’s deal to postpone $2bn of debt owed to the Paris Club was a credit positive, though it was not enough to halt another recent fall in the sovereign’s bond prices as the medium-term likelihood of a default remains high.
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Argentine dairy company Mastellone Hermanos will push ahead with a distressed debt exchange after holders of an additional $3m of its 2021 bonds agreed to participate in the swap since last week’s early-bird deadline. The extra participation means the minimum take-up threshold for the offer has been reached.
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Financial services firm XP, which Moody’s describes as aiming to “disrupt the business model of incumbent banking institutions in Brazil”, is meeting fixed income investors ahead of a potential debut international bond issue 18 months after it priced an IPO on the Nasdaq stock exchange.