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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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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. -
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.
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As Colombia’s government gears up for a political battle to push through a tax reform that may save its investment grade status, the sovereign’s head of public credit told GlobalCapital that the market reception of a dual tranche bond issue on Monday represented a vote of confidence from international investors.
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Puerta de Hierro, a toll road project in Colombia’s Caribbean region, will begin investor calls on Monday as it looks to sell an inflation-linked Colombian peso-denominated social bond that has a double-A credit rating thanks to a guarantee from the US International Development Finance Corporation (DFC).
