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Emerging Markets

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Meanwhile, LatAm sovereign announces mandate for a multi-tranche deal that could come next week
Sovereign closed 'remarkable' deal despite US Treasury pricing drama
Big, volatile week in EM raises questions around fair values

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  • Philippine oil refining and marketing company Petron has approached its relationship banks for a new club loan, after acknowledging the impact of the Covid-19 pandemic,
  • VTR Finance, the Chilean subsidiary of telecoms group Liberty Latin America, is marketing a dual-tranche refinancing that is likely to be distributed to both EM and dedicated high yield bond buyers and will shift debt towards the operating company.
  • Trinidad and Tobago tapped bond markets for the first time for four years on Monday with a deal that its finance minister claimed “achieved what our detractors said was impossible”.
  • Mexican conglomerate Fomento Económico Mexicano (Femsa) turned to international bond markets for the third time this year20 on Monday, clinching its tightest dollar funding of the year despite wider spreads.
  • India’s Mu Sigma, a data analytics firm, has kicked off an up to $100m loan in general syndication, after receiving commitments from three banks ahead of launch.
  • Bankers said that Uruguay could provide a stern test of risk appetite if it decides to announce a new bond issue in local currency, after the sovereign began investor calls saying it could issue in dollars and/or Uruguayan pesos.