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Rede D'Or rode over investor concerns about the health of Brazilian corporates, while Edenor landed its first benchmark bond
Books for the jumbo €5bn deal were more than three times subscribed
Brazil is preparing its first visit to the euro market in over a decade
First trade from a LatAm corporate since the outbreak of war in the Middle East
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Two high profile Latin American issuers brought the region’s corporate sector back into play on Thursday. Mexico’s Grupo Bimbo and Brazilian lender Banco do Brasil both managed hefty spread tightening after offering conservative price talk, much like the EM sovereigns that dominated primary markets. -
Argentine gas pipeline operator Transportadora de Gas del Sur (TGS) became the latest Latin American corporate to join the new issue pipeline on Thursday, as bankers predict market conditions will become friendlier.
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The first investment grade sovereign trades from Latin American in more than two months left the sell-side feeling more optimistic about the pipeline as issuers were finally able to enjoy relative stability in broader markets.
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Cometa Energía, a group of Mexican energy assets to be acquired by emerging markets private equity firm Actis, is understood to be preparing a bond issue of $907m that will be used to finance the buy-out.
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Moody’s said that it believed fiscal reforms in Brazil were inevitable no matter who wins October’s election, removing the country’s negative outlook just weeks after the rating agency’s peers downgraded the sovereign.
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EM syndicate bankers have said that primary market activity in Latin America is set to pick up this week after Panamá printed the first investment grade sovereign deal from the region since January.
