LatAm Bonds

Dealogic league tables of bond transactions, August 14, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

Dealogic league tables of loans transactions, August 15, 2013.

Year to Date Latin America DCM Bookrunner Ranking

Bolivia will show the varying approaches that issuers are taking to rising Treasury rates and the resulting volatility by looking to print $500m of 10 year bonds on Thursday.

Any excuses for idleness among Europe’s corporate bond bankers have been blown away by a pair of successful issues in sterling – while in the financial institution market Goldman Sachs has shown that a strong name can even get a good deal done in euros, suggesting industrial blue chips have no reason to avoid the market.

FMS Wertmanagement, the German winding-up agency, has the market all to itself after announcing on Wednesday the first syndicated new issue in euros in over a week. The trade highlights just how much the SSA market has slowed as borrowers hold off in favour of issuing in what is likely to be a hectic autumn.

Colombia’s finance ministry has approved international bond issuance of up to $3bn for the country’s largest oil company, Ecopetrol.

CEEMEA issuers continue to add fresh mandates to the pipeline despite a drop-off in issuance. Armenia has chosen bookrunners for a dollar deal and other issuers are expected to follow in the run-up to the September restart of deal flow.

Weaker than expected GDP growth could reverse the favourable conditions in Latin American credit quality in the second of 2013 and 2014, said Standard & Poor’s in a report published on Tuesday.

The primary FIG markets have been languishing in the heat of the summer, with Goldman Sachs providing the only new euro benchmark deal of the week. But the dollar market has seen action and secondary spreads have continued to tighten. Bankers envisage more supply coming towards the end of the month.

Rating agencies believe the bid by Mexican telecoms giant América Móvil to buy Dutch peer KPN could increase its leverage ratio, and Moody’s has placed the company’s A2 rating on review for downgrade.

LatAm DCM bankers said that confidence in their market remained fragile as two Chilean credits that had been expected to sell bonds opted not to issue last week.