LatAm Bonds
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Latin American borrowers made up for lost time in spectacular fashion this week as two days of hefty bond issuance — topped off by $2bn from Uruguay — smashed the record for DCM volumes for the region in a single week in August, writes Olly West. -
Dealogic league tables of bond transactions, August 7, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.
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Dealogic league tables of loans transactions, August 8, 2013.
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Dealogic league tables of bond transactions, August 7, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.
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A Caa1/B- rated bond for Playa Resorts Holding, a highly leveraged Mexican and Caribbean hotel play that was being run off the lead banks’ US high yield desks, surprised LatAm DCM bankers and EM debt investors by pricing at a yield of 8% on Monday.
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Government-owned Banco de Costa Rica (BCR) sold its debut international bond on Monday in a snappy trade that opened and priced before lunchtime, offering a yield of 5.25% for $500m of five year senior unsecured notes.
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State-owned copper mining company Corporación Nacional del Cobre de Chile (Codelco) took advantage of good momentum for Chilean borrowers by printing $750m of 10 year bonds at a yield of 4.517% on Tuesday.
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Cement company Cemex and petrochemicals firm Alpek ensured this week that Mexico retained its place as the leader of the recovery in Latin American bond issuance volumes.
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Year to Date Latin America DCM Bookrunner Ranking
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The Republic of Uruguay use $788m of the proceeds from Tuesday's $2bn 2024 bond to buy back existing debt, the government's debt management unit said on Wednesday.
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Uruguay paid a new issue premium of 27bp for $2bn of new long 10 year notes on Tuesday, with the impressive size taking total LatAm international bond issuance on the first few days of this week to $4.85bn.
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State-owned Chilean copper mining company Corporación Nacional del Cobre de Chile (Codelco) issued $750m of 10 year bonds at a yield of 4.517% on Tuesday.
