LatAm Bonds

Mexican retailer Grupo Famsa is looking to gain some breathing room with an exchange to push out a looming bond maturity. Yet though Standard & Poor’s and Fitch both consider this a “distressed” deal, only Fitch is planning to cut the borrower’s rating to default.

A year on from the botched appointment of Andrea Orcel as CEO, Santander is pressing ahead with the next phase of its investment banking strategy, writes David Rothnie.

Central American development bank Cabei sold its first green bond in the public markets on Thursday, increasing the size of its five year floating rate note from $300m to $375m after attracting nearly $1bn of orders.

Chilean power company Empresa Eléctrica Cochrane sold $430m of 7.5 year amortising notes on Wednesday as part of a bond and loan refinancing of project finance debt.

Emerging market issuers continued to enjoy solid market conditions this week with new mandates joining the pipeline and Abu Dhabi’s Mamoura executing a $3.5bn triple tranche trade.

Brazilian petrochemicals firm Braskem clinched a $2.25bn dual tranche bond issue on Tuesday with bankers close to the deal claiming a negative new issue concession after US corporate buyers helped build a strong book.

The Central American Bank for Economic Integration (Cabei) has hired two banks as green structuring advisers and bookrunners as it plans its first dollar benchmark bond for seven years and first green bond in dollars.

Private Brazilian lender Banco Original will look to enter international bond markets with a $200m senior unsecured issue, according to rating agency reports.

Chilean power company Empresa Eléctrica Cochrane will meet bond investors this week as it looks to make a second attempt at becoming an international bond issuer.

Millicom’s Panamanian subsidiary Cable Onda had a smooth run on its first international bond outing after opting for a rare tactic in Latin America bond markets — a Friday pricing..

Bankers and market analysts said there was no sign bond markets were seriously concerned about continued social unrest in Chile, as pulp and wood panel producer Celulosa Arauco y Constitución eased its way to a $1bn dual tranche new issue this week.

Barbados prime minister Mia Mottley said she hoped more nations vulnerable to climate change would take steps to make their debt more resilient, after the Caribbean nation included a “natural disaster” clause in a restructuring agreement with international bondholders.