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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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Chilean miner CAP and Mexican car parts supplier Metalsa on Thursday became the latest in a string of Latin American companies to price dollar bonds not only at the tight end of guidance, but inside the indicated range, as bankers say investors are being coy with bookrunners about their pricing expectations. -
Emerging markets bond buyers and issuers are regaining confidence as US Treasury volatility falls, with issuance in CEEMEA and Latin America having picked up in recent days and a pipeline building.
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The Mexican conglomerate Fomento Económico Mexicano (Femsa) was in the market for sustainability-linked bond in euros on Thursday, marking the latest in a string of innovative trades from the Latin America.
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Bonds issued by Mexican payroll lender AlphaCredit lost around half their value on Wednesday after the company revealed a correction in its accounting of derivatives positions would lead to an impairment charge of Ps4.1bn ($206m). Investors and analysts said this would take the non-bank lender’s equity into negative territory, suggesting default was a growing inevitability.
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Brazilian cosmetics group Natura on Wednesday became the third Latin America company this week to announce plans to issue sustainability-linked bonds, joining Mexicans Femsa and Metalsa in the pipeline.
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Latin American oil and gas company GeoPark priced a reopening of its 2027 bonds with a negative new issue concession on Tuesday, taking advantage of strong demand from holders of its old notes to raise $150m.
