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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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Pemex bond prices slid further on Friday after analysts said Mexican president Andrés Manuel López Obrador’s measures to support the state oil giant would not be enough to prevent continued deterioration in its credit quality. -
BTG Pactual’s new tier two bonds, the only new issue from Latin America this week, traded pretty much in line with reoffer in the days following pricing, suggesting leads had done a reasonable job of price discovery.
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Brazilian lender BTG Pactual was the sole Latin American borrower to venture into dollar markets this week as some syndicate bankers began to worry that the region’s issuers are missing the best of conditions.
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Chilean copper miner Codelco looks unlikely to be able to repurchase the $1.907bn of bonds that it was hoping to cancel via a tender offer after investors holding just over half of that amount agreed to sell their paper after the early-bird period expired.
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The International Monetary Fund and Ecuador confirmed this week that they were discussing a potential financial arrangement, and the positive reaction in the sovereign’s curve could have further to run.
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Though a paucity of direct comparable bonds made it difficult to precisely judge the pricing on BTG Pactual’s tier two deal on Tuesday, DCM bankers said that the Brazilian lender had shown investors were willing to bet on high yield paper but keep discipline on price.
