LatAm Bonds

Peru’s return to dollar bond markets after four years on Thursday saw it clinch its lowest ever yield and price flat to or even inside its better rated neighbour Chile. Yet so sought after is Peru’s hard currency paper that the government is having a tough time persuading bondholders to let go.

Peru returned to bond markets on Thursday with a dual currency deal that included a rare dollar issue that some on the deal reckoned had been priced the country’s better rated peer, Chile.

Mexico’s largest locally owned bank, Banco Mercantil del Norte (Banorte), has begun meeting fixed income investors as it looks to test investor appetite for the country's credit with a new subordinated bond.

A creditor group owning a majority of Barbados’s international bonds is set to bat away the government’s latest restructuring proposals, GlobalCapital understands.

Ecuador took advantage of a strong start to the week to carry out what the government called an “unprecedented” liability management trade as the country continues to improve its image in financial markets.

Defaulted Caribbean sovereign Barbados proposed two possible solutions to the restructuring of its external debt on Wednesday, though it stopped short of making a formal offer to creditors — perhaps in recognition of a warning from certain bondholders two weeks ago.

Mexico’s largest locally owned bank Banco Mercantil del Norte (Banorte) will begin meeting fixed income investors this week as it looks to test investor appetite for Mexico credit with a new subordinated bond.

Just two weeks after the IMF said it had reached a staff level agreement on the first review of Ecuador’s economic programme, the South American sovereign pounced on a positive start to the week in markets to issue $1.125bn of bonds that will be used to refinance debt due next year.

Peru will meet fixed income investors in the US on Tuesday and Wednesday as the new second best rated sovereign in Latin America prepares a dual currency bond offering that would include its first visit to dollar markets since 2015.

US president Donald Trump’s latest Twitter update about US trade policy brought Latin America's bond bankers hope that Mexico debt might enjoy a better week as he abandoned — for now at least — plans to impose tariffs on Mexican goods.

Spreads on dollar bonds issued by Mexican state-owned oil company Pemex ballooned by up to 50bp on Thursday as a sovereign downgrade led the company to lose one of its investment grade ratings and threatened a second.

Uruguay-based shipping and logistics firm Navios South American Logistics was the only Latin American borrower on a roadshow this week but debt capital markets bankers hope that a benevolent rates environment may cajole nervous issuers into primary markets.