LatAm Bonds
-
With hopes high among debt bankers that Brazil could become a core source of green bond issues, BR Foods (BRF) sold the first environmentally friend bond from the country last Friday.
-
And it traded up. Even the most cynical Brazil bears struggled to criticise Petrobras’s remarkable $2.5bn century bond — the largest 100 year issue by any borrower — that blew open capital markets access for the troubled oil giant.
-
Century bonds are easy to criticise, but few instruments generate such momentum around a credit and we mustn’t forget that when they happen it is for a reason: investors want them. -
El Salvador-based lender Banco Agrícola will begin a roadshow on Friday ahead of a potential international bond market debut.
-
Tough times in the Chilean high yield sector in the last 12 months are unlikely to put investors off taking advantage of a rare level of juice available for a credit from the country when Latam Airlines launches its new non-call five year bond on Thursday.
-
Argentine government-linked issuers are eking out some level of market access despite the sovereign being in default, with the Province of Buenos Aires the latest to tap international bond investors.
-
The Middle East is still churning out deals and replenishing its pipeline, but a Gabonese Republic mandate offers hope of some diversification in CEEMEA. Petrobras and Buenos Aires, meanwhile, are among the names lighting up the Latin American bond markets.
-
Century bonds are easy to criticise, but few instruments generate such momentum around a credit and we mustn’t forget that when they happen it is for a reason: investors want them.
-
No one saw this one coming. Petrobras, whose bonds just two months ago were trading at almost distressed levels, joined an elite club of century bond issuers on Monday, and attracted $13bn of orders in the process.
-
Brazilian food group BRF sold its debut euro denominated note around 25bp wide of its dollar curve on Friday with a green bond issue that DCM bankers said was an impressive result for an inaugural deal in the currency.
-
Recent volatility in US and European bond markets has damaged capital flows into emerging markets. Although some analysts are expecting things to improve, the Institute of International Finance (IIF) expects capital flows into EM to hit their lowest level since the 2008 this year.
-
Latin America’s new issue pipeline is filling up heading into June, with four companies evaluating new bonds.
