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Fondo Mivivienda restarts issuance, but is not the best read across for most LatAm issuers
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
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Argentina’s best borrowers continue to seek to take advantage of a recently opened funding window in international markets, with Telecom Argentina plotting to sell new debt to refinance old bonds. -
Debt capital markets bankers covering Mexico do not expect the resignation of finance minister Carlos Urzúa on Tuesday to affect incoming bond issues though they acknowledge that his departure could create uncertainty.
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Two Mexican companies announced bond roadshows on Monday, in combination with buybacks of 2022 notes, as Latin American borrowers continue to try to use liability management to take advantage of low rates to refinance debt.
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While US market participants were on holiday last week, Brazil’s lower house passed legislation that is central to bond investors’ optimistic thesis on Latin America’s largest economy.
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Brazilian state-owned oil company Petrobras is to continue its deleveraging process by using cash to buy back up to $3bn of existing bonds, giving first priority to euro and sterling paper.
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Two Latin American companies announced bond roadshows this week, with a third launching a tender that will require a new issue, as the region’s issuers flock to the low rate environment and gradually rehabilitate disappointing issuance volumes.
