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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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Fitch Ratings slashed the rating of Mexican textiles company Kaltex by three notches to CC on Monday, warning that the issuer could soon look to restructure its $320m senior unsecured notes maturing in April 2022. -
Latin American borrowers can look forward to a continuation of supportive funding conditions thanks to the dovish turn of the Federal Reserve, according to a new report from Moody’s.
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Some EM investors are starting to see value in bonds issued by troubled Mexican state oil company Pemex, while further potential support from the government could lift the bonds further.
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AES Gener’s junior subordinated hybrid exercised the brains of both syndicate bankers and investors on Monday as they struggled to find appropriate comps. But a hefty book and impressive aftermarket performance left no doubt over appetite for LatAm paper.
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Brazilian airline Gol Linhas Aéreas Inteligentes sold a rare exchangeable bond on Thursday after receiving demand from a combination of convertible arbitrage funds, EM bond managers and the long-only equity community, GlobalCapital understands.
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Brazilian government-owned oil company Petrobras will repurchase nearly half of its 2023s after wrapping up the first stage of a tender offer that could total $4.5bn.
