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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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Guatemala’s largest lender, Banco Industrial, returned to international bond markets on Friday after more than eight years away with a tier two deal that was more than three times oversubscribed. -
Bond bankers said that Brazilian agribusiness company André Maggi (Amaggi) was the ideal credit for the market’s current tastes as the borrower notched a hefty oversubscription and tightening for a debut sustainability bond on Thursday. A tier two deal from Brazilian lender Banrisul confirmed that high yield appetite in Lat Am remained robust.
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Emerging markets issuers across CEEMEA and Latin America once again triumphed in primary bond markets this week, with several sovereigns and corporates notching record low costs of funding. But there are signs that the direction of US rates is playing on investors’ minds, write Mariam Meskin and Oliver West.
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Mexican non-bank lender Unifin Financiera is planning an eight year bond issue of up to $500m, with up to $200m set to come via an exchange offer for existing bonds. But bondholders participating in the exchange are unlikely to receive much by way of increased returns for pushing out their maturities.
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Bond markets continue to offer Latin American sovereigns tight pricing down the dollar curve, with Panama and Paraguay on Wednesday becoming the latest pair to price dual tranche deals. But with rates curves having steepened this month amid the expectation of higher rates in the long term, bankers are sensing that the 10 year is becoming the sweet spot on the maturity curve.
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Chile tapped bond markets for $4.25bn-equivalent of funding on Tuesday, starting with a 10 year green tap and new long-dated social bond in euros, and then following a similar playbook in US dollars.
