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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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After a second Latin American borrower in a week pulled plans to issue a bond, bankers are suddenly concerned that the region’s idyllic issuance conditions may be over. But with two infrequent corporates, a Colombian bank and a debut high yield name preparing deals, the extent of the deterioration should be clear soon.
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The Republic of Panama sold its largest ever bond across three tranches on Tuesday, clinching tight pricing on a new 12 year but appearing to offer value on a longer bond and a local law tap. -
FS Agrisolutions Indústria de Biocombustíveis, South America’s largest corn-based ethanol producer, delayed pricing its debut dollar bond on Wednesday as emerging market credits endured a volatile day.
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Brazilian retail group Lojas Americanas began calls with investors on Wednesday as it looks to sell a benchmark dollar bond with an intermediate maturity.
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The Republic of Panama returned to bond markets for the first time in six months on Tuesday to raise $2.575bn of funding across three tranches — including a tap of its Euroclearable local law 2026s that offered a higher pick-up to the global curve than when the instrument was debuted in April 2019.
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Fresnillo plc, the Mexican mining company, will begin meeting fixed income investors on Wednesday as it becomes the latest Latin American company to seek new bonds to fund a repurchase of old ones.
