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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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Mexican state-owned oil giant Pemex will more than double the size of its 30 year bond issued on February 1 after receiving a strong response to an exchange offer.
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Four Latin American issuers ventured into cross-border markets on Thursday after a deceptively calm Wednesday, only to be faced with a wave of volatility that had investors worried and led to wider pricing.
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Mexican non-bank lender Unifin made its second bond market outing of the year on Thursday with a senior unsecured deal that came at the wide end of initial price thoughts.
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Bankers said that the Dominican Republic’s Dominican peso bond sale was the highlight of a busy but choppy day in Latin American primary debt markets, though market volatility cost the sovereign heavily in dollars.
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The World Bank has priced $1.36bn of catastrophe bonds to provide earthquake protection to Mexico, Chile, Colombia and Peru, despite bondholders losing their principal on Mexico’s last cat bond after a quake in September.
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Bond market participants said on Wednesday said that Latin American issuers could return in force on Thursday after another day of calm in markets.