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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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Cement company Cemex became the first Mexican credit to issue internationally since January as it tapped European investors for a new seven that it will use to refinance existing debt. -
After the quietest start to a year in nearly a decade, Latin American primary markets jolted into action on Tuesday with Brazilian oil giant Petrobras making the biggest splash.
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Cemex is back in the bond market after a year and a half’s absence, opening books on a senior secured bond in euros.
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Chilean power generation company AES Gener is looking to take advantage of favourable market conditions and cut its funding costs by issuing a new subordinated note to refinance a similar instrument.
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The operator of Ecuador’s largest airport finally raised the bond market funding it was seeking on Friday, eventually increasing the size of the deal by $50m as some investors were attracted to a rarely seen yield.
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Central American development bank Cabei will return to US bond markets for the first time since 2012 after a better than expected two notch upgrade from S&P left it keen to enter the realm of true SSAs, said its CFO. But the issuer will be doing so without Fitch, after deciding the rating agency’s methodology did not reflect its new business model.
