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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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Crédit Agricole has struck a new synthetic risk transfer deal with the International Finance Corporation, in which it will shed about 90% of the risk on $4bn of emerging market trade finance loans. The IFC expects to use securitization more to help banks in developing countries cope with the effects of the coronavirus pandemic. -
The world’s largest wheel manufacturer, Iochpe-Maxion, on Tuesday became the fourth Latin American issuer in four business days to issue a sustainability-linked bond (SLB). The Brazilian issuer sold a $400m seven year deal with an apparently more ambitious greenhouse gas emissions reduction target than the one set by Mexican car parts supplier Metalsa on its own SLB last week.
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Oil and gas producer Pan American Energy sold $300m of six year bonds on Tuesday in the first international new issue from an Argentine borrower since July 2019, surprising some market participants who had been sceptical about its chances.
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AES Dominicana, the Dominican power generation company that is 85% owned by AES Corp, began investor calls on Monday ahead of a proposed $300m bond that will mostly be used to fund a tender offer for bonds maturing in 2026.
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Brazilian cosmetics group Natura sold a sustainability-linked bond (SLB) on Monday offering an exceptionally high coupon step-up of 65bp if it does not meet sustainability targets. Though the greater increase was to compensate for the shorter time between the potential step-up and maturity than on most SLBs, it succeeded in grabbing the attention of EM bond buyers.
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After Mexican conglomerate Femsa became the first issuer from the Americas to sell a sustainability-linked bond (SLB) in euros last week, Latin America bond origination bankers say they expect the region’s companies to continue to embrace the format.
