LatAm Bonds

Following the publication of primary covered bond legislation two years ago, Brazil’s central bank this week launched a public consultation on draft secondary covered bond legislation.

Argentine airport operator Aeropuertos Argentina 2000 saw its new 10 year bond trade up around a point on Tuesday as Latin American corporates extended their stay in a friendly primary market.

Argentine airport operator Aeropuertos Argentina 2000 fetched a new 10 year bond some 30bp inside initial price thoughts on Monday to become the fifth issuer, and fourth corporate, from the country to issue this year.

The Central American Bottling Corporation (CBC) will redeem all of its $300m of bonds due 2022 after pricing a new 10 year deal that has performed very strongly in secondary markets.

AES Argentina priced a new seven year bond well inside the expectations of much of the market on Thursday as conditions recovered quickly after a wobble at the end of last week.

Grupo Alfa-owned food company Sigma may finally bring the first Mexican bond deal of 2017 next month. As Donald Trump’s ascendancy to the US presidency engulfs the country in uncertainty, DCM bankers say issuers are calm despite the lack of activity.

Lat Am syndicate bankers said that a $210m five year debut bond issue from Colombian glass and window maker Tecnoglass this week showed the strength of the region’s credit markets — despite the company not raising the maximum slated amount.

Central American development bank Cabei began its funding for 2017 by issuing more than $100m-equivalent in niche currencies, the bank’s head of capital and financial markets told GlobalCapital.

Analysts believe that Belize’s third restructuring of the century could drag on long after the government’s target end-date of March after certain bondholders said they would reject a proposed amendment to the terms of its so-called “superbond”.

Multinational food company Sigma Alimentos is preparing ground for what is likely to be the first new issue from a Mexican borrower since Donald Trump became president of the United States.

Brazilian aircraft manufacturer Embraer and Guatemala-headquartered Central American Bottling Corporation (CBC) showed that Latin American bond markets had put the softness at the end of last week behind them with heavily oversubscribed trades on Wednesday.

Emerging market investors, starved of paper so far this year, have suddenly been flooded with interesting credits, and as Egypt’s blowout trade shows, they were ready for it.