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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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Mexico will hold a virtual non-deal roadshow with Japanese investors next week, according to Gabriel Yorio, Mexico’s deputy finance minister. -
Peruvian private healthcare provider Auna sold its first international bond on Tuesday, overcoming major political volatility in its home country as bankers said the limited offering of Peruvian corporate paper played in the issuer’s favour.
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Latin America DCM bankers’ promises that a sovereign would jump on recent market positivity materialised on Monday as Mexico turned to international bond funding for the fifth time this year with a heavily oversubscribed liability management exercise that totalled $6.625bn, once switch-tenders were included.
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Brazilian pulp and paper company Suzano tapped its sustainability-linked notes for a further $500m on Monday, overcoming rating agency concerns about leverage to issue 85bp inside where it originally sold the bonds just two months ago.
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B2W Digital, the digital arm of Brazilian retail group Americanas Universe, began investor calls on Monday as it looks to debut in international bond just weeks after its parent company successfully did the same.
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Mexican power generator FEL Energy is the most recent Latin American credit to announce bond issuance plans but bankers covering the region expect several drive-by trades this week before the US Thanksgiving holiday cuts the window short next week.
