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Mexico paid a similar new issue premium for its $9bn deal last week
◆ What has driven this week's record issuance and what might threaten sentiment ◆ Why the Maduro affair is a wake-up call for the EU ◆ Resolving Venezuela's debtberg
New issue premiums were slim for the LatAm sovereign duo
It will take years and huge amounts of money to get Venezuela in a state to restructure its debt
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Mexican firm Nueva Elektra del Milenio sold $500m of seven-year senior secured bonds on Tuesday, benefiting from a structure that granted it an investment grade rating. -
The Association of Brazil’s Indigenous Peoples has written an open letter to BlackRock’s CEO Larry Fink, who is expected to publish his annual letter to stakeholders this week. Apib wants BlackRock to end what it calls its “complicity” in the destruction of the Amazon rainforest, and to consult indigenous people as it finalises its new policy on biodiversity and deforestation.
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Six of the 11 Latin American borrowers to have priced or announced new cross-border bonds so far in 2021 have opted to show off their ESG credentials while doing so — either through dedicating the use of proceeds or by issuing in the more novel sustainability-linked format. Brazil is leading the way, with three further mandates on Monday.
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Mexican lender Crédito Real on Monday became the first Latin American non-bank financial institution (NBFI) to tap international bond markets since the coronavirus pandemic began as it raised $500m of seven year debt.
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Chilean mobile phone operator WOM began investor calls on Monday ahead of a proposed bond issue of up to $450m.
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Argentine oil and gas company YPF has launched an exchange offer for all of its $6.228bn of outstanding international bonds, taking advantage of a new central bank rule that enables companies to issue bonds guaranteed by export receivables. The proposed exchange bonds would not pay interest until 2023, and Fitch said the deal qualifies as a distressed exchange under its criteria — even though investors will end up owning more bonds than they started with.
