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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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Central American Bank of Economic Integration (Cabei) turned to the Taiwanese market on Wednesday, raising $375m just weeks after a $750m bond sale in the US. -
Brazil became the third Latin American issuer in three days to find bond buyers willing to place large orders even as pricing was pushed below their initial demands, as it raised $3.5bn of five and 10 year paper to provide arguably the starkest example yet that technicals are trumping fundamentals primary emerging market new issues.
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Latin American bond bankers were hopeful that Cemex’s blowout bond issue on Tuesday could cajole other issuers into the market after the Mexican cement producer navigated volatile secondary market and a rating downgrade to notch a hefty order on the way to a $1bn seven-year bond.
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The Central American Bank for Economic Integration (Cabei) is set to price a senior unsecured Formosa bond on Wednesday after tightening price discussions.
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Colombia may have arrived late to the coronavirus-era Latin American sovereign bond market party, but the wait paid off on Monday as the sovereign notched a dual tranche $2.5bn issue that included its lowest ever coupon on a long dated bond.
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Mexican cement maker Cemex is likely to announce a new dollar bond first thing on Tuesday after holding investor calls on the same day Fitch downgraded the borrower and placed it on negative outlook.
