LatAm Bonds
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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.
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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.
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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.
