LatAm Bonds
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Mexican microfinance company Crédito Real may make a second attempt at an international bond issue as a part of a liability management exercise, but LatAm banks remain starved of supply despite claiming conditions are ripe for a blue chip issuer to lift issuance volumes.
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There is talk of a stream of bond mandates from Peru, but bankers covering the country warn that LatAm DCM bankers seeking possible avenues of new supply should temper their excitement.
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Year to Date Latin America DCM Bookrunner Ranking
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Mexican microfinance company Crédito Real has launched a tender offer for its outstanding bonds due 2015 just five months after postponing new issue plans. -
A strong US investment grade market is a sign to top-rated Latin American corporates that they can reopen bond issuance, say senior LatAm bankers.
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Mexican corporate bonds may have traded up following the sovereign gaining an A3 rating from Moody’s earlier in February, but the tax element of the country’s reforms creating excitement among investors is credit negative for most corporates, says Fitch.
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Banco Santander Chile will buy back Ps118.409bn ($219m) of its global peso bonds due 2020 after bondholders agreed to tender at par 80% of the Ps148.838bn outstanding.
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The Brazil sovereign has mandated for fixed income investor meetings, having seen Odebrecht Oil & Gas (OOG) re-open the LatAm dollar bond market in emphatic style on Thursday. The Odebrecht deal broke a new issue drought from the region that had lasted since January 31.
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More investors are deciding the risk of default is not worth the astonishing yields available on Venezuelan debt as bond prices hit new lows amid anti-government protests in the South American nation.
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Brazil’s Odebrecht Oil & Gas this week roused the LatAm dollar bond market from a new issue lull that lasted nearly three weeks.
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Corporación Andina de Fomento (CAF) hopes to increase its presence in the Hong Kong dollar and Norwegian krone markets, a funding official at the development bank told EuroWeek. But the borrower may struggle to find demand for these currencies, according to dealers.
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Year to Date Latin America DCM Bookrunner Ranking
