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Uruguay did not pay much new issue premium, if any
A normalisation of Argentinian borrower access to markets has helped spur issuance
Issuance in euros by LatAm & Caribbean sovereigns is at record levels
The sovereign priced inside paper of similar maturity from Brazil and Colombia
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Latin American bond bankers expect several new deals to be announced after the May 31 Memorial Day holiday in the US, as borrowers look to get ahead of potential noise regarding the Federal Reserve tapering its policy stimulus. But investors appeared ambivalent this week about the prospect of a wave of new supply. -
The Dominican Republic is likely to return to bond markets shortly with a local currency deal, after launching a tender offer for old bonds that is contingent on a new issue. Citi and JP Morgan are managing the liability management exercise — their fourth consecutive mandate with the Caribbean sovereign.
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Chile, Peru and Colombia — previously hailed by EM investors for orthodox economic policymaking — are under pressure amid social unrest and political polarisation. But as the upheaval whirls around them, their credit in the bank with bondholders, after years of impressive debt management, is a major asset.
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A majority of shareholders of Peruvian mining company Compañía de Minas Buenaventura have approved a motion to allow the company to sell up to $550m of bonds as it looks to finance a retroactive tax liability.
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Grupo Axo, the Mexican fashion retailer, began investor calls on Monday ahead of a possible international bond debut that is being marketed just days after BlackRock made a $45m equity injection into the privately held company.
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Political volatility continues to take its toll on the credit ratings of Latin America’s strongest sovereigns, with Peru the latest to suffer a negative outlook as Moody’s predicted the next government will likely face a continuation of the political gridlock that has hampered economic activity over the last four years.
