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Issuers struggle over what concessions investors will require
Issuance in March was never going to be hefty after a record start to the year
Government borrowing costs are rising on local and international markets, and credit ratings are falling
Sovereign also added $300m to a long-dated dollar note
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The Central American Bank for Economic Integration (Cabei) is working to develop a regional bond market that it hopes will broaden the investor base for Central America’s sovereigns, some of which have patchy access to global markets. Cabei’s CFO told GlobalCapital that the supranational will provide seed capital for a fund to participate in the market, which he believes could eventually attract foreign buyers. -
Brazilian steel producer CSN and Mexican building materials company Cemex continued a storming week for Latin American high yield issuance with new deals that attracted bumper orders and priced tight to bankers’ expectations — even if comparable deals were not always clear cut.
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Emerging market borrowers are flocking to the primary bond markets as ever more participants predict the US Federal Reserve will begin tapering its monetary stimulus, something that traditionally rings loud alarm bells for the asset class.
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Brazilian government-owned oil and gas giant Petrobras took advantage of a buoyant market on Wednesday to clean up the long end of its curve, shrugging off political concerns with a new 30 year bond that came well inside fair value and left no doubt about the quality of funding conditions for Latin American issuers.
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Brazilian oil and gas company PetroRio accessed bond markets on Wednesday just eight months after it pulled an earlier deal, with observers crediting the company’s success to an improved credit profile, enhanced note structure, higher oil prices and better bond market conditions.
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Mexican building materials company Cemex is looking to sell a perpetual hybrid bond that it believes will help it towards its target of building an investment grade capital structure.
