LatAm Bonds

Mexico has broken new ground in the Samurai market after it priced a triple-tranche deal on Tuesday which did away with the need for involvement from the Japan Bank for International Co-operation (JBIC) and included a 20 year slice — a first for a Latin American borrower in yen.

Mexico has added a 20 year and removed a three year tranche to a Japanese yen denominated Samurai deal set to price at market opening in Tokyo on Tuesday.

Unifin Financiera hopes to join the line of Mexican non-bank finance companies accessing international bond markets after releasing initial price thoughts of high 6%-7% for a debut five year non-call three issue.

Chilean telecoms company Entel will meet investors from Monday to Wednesday ahead of a planned 144A/Reg S bond of up to $800m.

Caribbean sovereign Dominican Republic showed that demand remains strong at the long end of the curve the curve in Latin American bond markets on Friday, adding $250m to its 2044s issued in April and trading well above par.

Latin American issuers continue to pile up tightly-priced, heavily-oversubscribed bonds even as market worries over Portugal’s Banco Espirito Santo tinged trading in the region on Thursday.

Emerging market bond investors say they are finding little value in investment grade Chilean corporates after power transmission company Transelec continued LatAm’s lengthening run of blowouts with a $375m deal sold inside its existing — admittedly illiquid — bond.

Development bank Corporación Financiera de Desarrollo (Cofide) took advantage of a strong bid for Peru after the sovereign’s newly attained A3 rating from Moody’s to price senior unsecured and subordinated tier two bonds that mean it is unlikely to have to raise new capital for at least three years.

Emerging market bond investors say they are finding little value in investment grade Chilean corporates after power transmission company Transelec continued LatAm’s lengthening run of blowouts with a $375m deal sold inside its existing — admittedly illiquid — bond.

Whipping boy status is an entirely new concept for Brazil on the football pitch after the host’s shock 7-1 defeat to Germany in the Fifa World Cup. But in the capital markets the nation’s issuers have had been used to harsh treatment from investors as economic growth stumbles for some time. But the latter could be about to change.

Fresh mandates are helping raise hopes of an increase in the hitherto meagre volumes of primary CEEMEA issuance. But that market’s pipeline is being dwarfed by an approaching wave of Latin American transactions as the region refuses to let the Fifa World Cup get in the way of deal flow.

Unifin Financiera and Celulosa Arauco y Constitución (Arauco) took the visible LatAm new issue pipeline up to at least eight with roadshow announcements this week as companies from the region flock to a welcoming market.