LatAm Bonds
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Former Barclays and HSBC emerging markets syndicate banker Fadi Attia has joined Crédit Agricole’s New York syndicate team covering Latin America, US investment grade and US high yield.
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Panama bucked the Latin America sovereign trend for 30 year debt last week with a 10 year deal as it pruned its debt servicing costs. -
Budget cuts and falling oil revenues may push Ecuador into printing a five or seven year bond to keep its costs down in a deal expected as early as this week.
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Costa Rica is working with supranationals on a new law to give it more flexibility to issue in international capital markets, the country’s head funding official told GlobalCapital.
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Panama’s new 10 year traded up on Thursday morning despite the country having issued the bond with the tightest coupon it had ever achieved.
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A torrid start to the week for secondary bond markets in Latin America did not stop pan-emerging markets telecoms and media group Millicom from fetching a well oversubscribed $500m 10 year non-call five note on Tuesday, as investors saw a rich concession for a name in most EM corporate bond portfolios already.
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The Republic of Peru will kick off a non-deal roadshow next week as sovereigns continue to provide the bulk of work for Latin American debt bankers.
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Panama’s new 10 year traded up on Thursday morning despite the country having issued the bond with the tightest ever coupon it had ever achieved.
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Panama sold $1.25bn of 10 year notes on Wednesday at a tighter new issue premium than other recent sovereign issues from Latin America had managed as LatAm markets enjoyed a better day after a torrid start to the week.
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Pan-emerging markets telecoms and media group Millicom sold a $500m 10 year non-call five note on Tuesday, tightening pricing by 25bp from initial price thoughts despite another day of torrid secondary markets in Latin America.
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Three Latin America sovereigns are considering dollar issues in the next few days although a poor start to the week's trading may cause delay.
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Costa Rica is working with supranationals on a new law to give it more flexibility to issue in international capital markets, funding official told GlobalCapital.
