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Emerging Markets

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Two of Bulgaria's credit ratings now have positive outlooks
Some of last week's sovereign trades suffering on secondary
FIG
Meanwhile, LatAm sovereign announces mandate for a multi-tranche deal that could come next week

Data

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  • Brazilian steel producer Companhia Siderúrgica Nacional (CSN) is hitting the road ahead of a proposed new issue, just a month after investors told GlobalCapital that an impressive rally in the company’s debt made it a strong candidate to tap bond markets.
  • Amir Hoveyda, UBS’s global head of debt capital markets, is stepping down from his job at the firm.
  • Consorcio Transmantaro, the Peruvian power transmission company, could be the next Latin American corporate to tap dollar markets after mandating for a green bond that Moody’s says is not quite fully green.
  • No sooner had the dust settled on the first global nuevo sol bond sale from a non-financial corporate in 14 years than a second Peruvian company announced its plans to do the same, leaving DCM bankers curious to discover the depth of the local currency market.
  • Mexico timed its return to the European bond market on Monday extremely well, said DCM bankers, with risk-hungry investors allowing the sovereign to notch a €9bn book on the way to a dual-tranche deal.
  • The Republic of Panama is looking to deepen its local bond curve with its first Euroclearable domestic deal, with the small Central American country set to take an unusually prominent role in Latin American primary bond markets in the coming weeks.