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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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Mexican cement producer Cemex sold its second dollar bond in three months on Monday, fetching lower pricing at a longer maturity than on its June outing as observers saw a slim new issue concession amid what one analyst called recent “insatiable” demand for the credit. -
Brazilian food company BRF is planning a new dollar bond to finance a buy-back of euro and dollar notes maturing between 2022 and 2026 as investors say the protein sector’s strong performance this year means conditions are ideal for liability management trades.
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BBVA’s Mexican subsidiary BBVA Bancomer is looking for its first international bond in a year after mandating banks to lead a senior unsecured deal.
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Latin American development bank Corporación Andina de Fomento (CAF) set pricing on Tuesday for a five-year dollar bond, having already gathered enough indications of interest overnight on Monday to cover what had been announced as a $500m deal.
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The Dominican Republic will begin virtual meetings with fixed income investors on Tuesday as it contemplates issuing in both dollars and pesos.
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Last week’s flurry of new deals from Latin America were performing well on Friday as cash continues to flow into EM bond funds. The region looks well placed for a busy September of primary market activity, say bankers.
