LatAm Bonds
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Poor secondary market performances from recent deals put off any Latin American borrowers from approaching the bond markets this week. Bankers blamed a spike in Treasury yields for the pause and said the market felt stronger toward the end of the week.
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Venezuela will lever up its main source of US dollars — state oil company PDVSA — by a further $4.5bn at a time when bond investors are rapidly losing faith in the country’s failing economy and willingness to pay its debts. -
The Central American Bank for Economic Integration (CABEI) took advantage of a lack of medium term supranational and agency supply in Swiss francs this week. There is strong investor demand for Latin American names and bankers expect CABEI and Corporación Andina de Fomento (CAF) to be busy in the currency in 2014.
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Banco de Chile raised ¥11.1bn ($111.1m) with the first private placement from a new $2bn global medium term note programme this week, as other emerging market banks also found interest in yen.
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Dealogic league tables of loans transactions, November 14, 2013.
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Dealogic league tables of bond transactions, November 13, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.
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Dealogic league tables of bond transactions, November 13, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.
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Year to Date Latin America DCM Bookrunner Ranking
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Colombian state-owned oil company Ecopetrol, which issued its second ever international bond in September, has appointed Magda Manosalva as its new CFO.
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Mexico's state oil company Pemex has hired banks for a euro deal, and will meet buyers in Europe next week.
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The Middle East is carrying CEEMEA supply this week courtesy of Abu Dhabi Commercial Bank (ADCB), Saudi Basic Industries Corp (Sabic) and Dubai's GEMS Education. But mandates from other regions are mounting, with deals from Serbia, Russia and Morocco all scheduled.
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A combination of rising US Treasury rates and the poor secondary market performance of last week’s new LatAm issues is putting Latin American borrowers off approaching bond markets, said debt bankers in New York.
