LatAm Bonds

Auto parts supplier Nemak became the third Mexican borrower to issue in euros in 2017, tightening pricing three times on the way to a €500m seven year non-call three bond.

South American development bank CAF sold its largest ever bond in Australian dollars on Tuesday, pricing a new 10.5 year deal through its existing curve thanks in part to strong demand from Japanese investors.

Bondholders of Belize’s struggling superbond have backed the government’s amendments to a restructuring proposal after the borrower finally ceded ground during negotiations.

Meatpacker Marfrig sold $750m of seven year non-call three bonds on Wednesday as Brazilian issuers take centre stage in Latin American primary markets after a great run in secondary.

Latin America’s largest sovereign Brazil raised $1bn in international bond markets on Tuesday, earning praise for its timing despite taking the unusual path of pricing at the wide end of guidance.

It has been all about sub debt in CEEMEA this week, as a trio of borrowers took advantage of investor appetite for yield to boost their capital bases.

The government of Belize appears to have finally come to an agreement with bondholders after promising to ensure more prudent financial management as part of a debt restructuring.

Argentina has earned its first positive rating action since the triple upgrade that followed its emergence from default last year, as Moody’s placed the sovereign’s B3 rating on positive outlook on Monday evening.

Argentine real estate company Raghsa is meeting international investors ahead of a planned $150m issue of senior unsecured notes due 2024.

Latin American new issue markets enjoyed a quiet week with as carnival celebrations replaced the debt party with which the region started the year, but Brazilian issuers look ready for a swift return to market mode.

Lat Am bond investors are keeping a close eye on Venezuelan state-owned oil giant PDVSA in the run-up to the company’s next amortisation payment in April, with the source of funds used for the payment set to provide important clues as to the likelihood of default.

Mexican autoparts manufacturer Nemak will begin a roadshow next week ahead of a planned euro-denominated bond debut, looking to become the third Mexican issuer of 2017 — and the third in euros.