LatAm Bonds

Rare single-B name notches $400m but costs too high for most

Colombia’s state oil firm breaks long hiatus in LatAm corporate issuance

As a single-B rated credit, Liberty Costa Rica would be an unusual reopener for LatAm corporate bond issues

Secondary performance suggests additional demand but public credit head happy to kick off funding early

Sovereigns find exceptional issuance window but market still fragile

Visibility lacking on VTR’s joint venture with América Móvil, says Moody’s

Mexican non-bank lender extends deadline for buy-back

Without ultralow rates, more EM companies will shy away from international bonds

Emerging market corporate bonds have rallied, but investors cannot find paper to buy in illiquid market

Context and market conditions are always important when considering the merits of any new issue, but this was particularly the case in 2022, given how volatile markets were. Every CEEMEA issuer had to pay a high all-in price to get their deal away, and new issue premiums varied between issuers. EM issuers faced the toughest conditions in many years during 2022. The Russian invasion pushed investors to flee from riskier assets. The war had practical effects too: disruption to energy and food supplies sent inflation soaring and the resulting interest rate rises meant borrowing costs jumped sharply for CEEMEA issuers. New issue volumes dropped from 2021, particularly among CEEMEA corporates. By George Collard and Oliver West.

Central bank measure credited with cutting spreads by increasing local demand

Debt markets have come to accept political instability in the country