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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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US president Donald Trump’s latest Twitter update about US trade policy brought Latin America's bond bankers hope that Mexico debt might enjoy a better week as he abandoned — for now at least — plans to impose tariffs on Mexican goods. -
Spreads on dollar bonds issued by Mexican state-owned oil company Pemex ballooned by up to 50bp on Thursday as a sovereign downgrade led the company to lose one of its investment grade ratings and threatened a second.
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Uruguay-based shipping and logistics firm Navios South American Logistics was the only Latin American borrower on a roadshow this week but debt capital markets bankers hope that a benevolent rates environment may cajole nervous issuers into primary markets.
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Cabei (Central American Bank for Economic Integration) has issued a request for proposal (RFP) for a potential first dollar benchmark since 2012, Latin American bond market participants told GlobalCapital.
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The chief financial officer of Avianca Holdings told GlobalCapital that he is in near daily discussions with export credit agencies (ECAs) to resolve two separate issues and thus allow the Colombian airline to return to bond markets to refinance a $550m bond maturing in May 2020.
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Moody’s and Fitch took negative rating actions on Mexico within three minutes of each other late on Wednesday afternoon as concerns over state oil firm Pemex filtered into assessments of the sovereign’s creditworthiness.
