LatAm Bonds

Mexican cement company Cemex will purchase at least $470m of its 9.5% 2016s and €179m of its 9.625% 2017s — or 60% and 81% of the respective targeted buy back amounts — after the early-bird period of its tender offer expired on October 8.

Dealogic league tables of bond transactions, October 9, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

Moody’s has cut Telecom Italia’s rating to Ba1 after the resignation of its CEO Franco Bernabè, and Standard & Poor’s is widely expected to follow suit with a parallel downgrade.

Millicom International Cellular, a pan-emerging markets telecoms group, has released price guidance, which an analyst in London called “tight”, for its eight year non call four dollar benchmark bond. The deal is expected to price on Wednesday.

Brazilian sugar and ethanol company Biosev is considering whether to launch a bond deal on Tuesday, according to a banker with knowledge of the situation.

Acquisitions by Colombian borrowers could drive an increase in cross-border debt capital market volumes in the country, said Citi’s head of Andean capital markets at a Fitch Ratings event in Bogotá on Friday.

Mexican cement company Cemex’s clean-up of its debt profile continued apace on September 27 as it returned to its new 2018 floating rate notes for an additional $100m.

Government-controlled Argentine oil company YPF has sold its first international bond for 15 years and the first from any Argentine issuer since May 2012. But LatAm DCM and bond syndicate bankers reckoned the deal was an exception that does not open the doors to the market for other issuers from the country.

Government-controlled Argentine oil company YPF last Friday (September 27) sold its first international bond for 15 years and the first from any Argentine issuer since May 2012. Latin America DCM and bond syndicate bankers said that the deal was an exception that does not open the doors to the market for other issuers from the country.

Two deal postponements in two days did not dent some LatAm bond bankers’ confidence that new bonds could still be sold, as the secondary market for Latin American credit remained steady this week despite turmoil in the US.

LatAm bankers have eyes on sugar and ethanol company Biosev as they say it's possible a new bond issue could provide an indication of appetite for Brazilian credit as the country continues to worry market participants.

Dealogic league tables of bond transactions, October 2, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.