LatAm Bonds

Debt capital markets bankers covering Latin America are not expecting any new issuance from the region this week as market eyes turn to the US Federal Reserve’s policy meeting on Wednesday and Friday’s US employment data.

Mexico priced its triple tranche Samurai on Tuesday morning, beating the levels the sovereign last paid for yen in May. But spreads over yen swaps were at the wide end of guidance for the 2016s and close to the wide end for the 2018s and 2019s.

Odebrecht, the oil and gas and infrastructure company, attracted a book of $3.5bn before pricing its $1.69bn senior-secured bond on Friday in the first Brazilian corporate deal since BRF Brasil Foods visited the market on May 15.

Banque Centrale de Tunisie, the central bank of Tunisia, has widened price guidance to 100bp over yen swaps area for its 10 year Samurai bond guaranteed by the Japan Bank for International Co-operation. Initial price guidance had been released at 90bp-100bp over on Friday.

Banque Centrale de Tunisie, the central bank of Tunisia, has mandated banks to sell a 10 year Samurai bond guaranteed by the Japan Bank for International Cooperation, with pricing expected next week. Mexico has also announced guidance on a third tranche for its own Samurai deal, also expected next week.

Mexican telecoms firm Maxcom has filed for a pre-packaged Chapter 11 bankruptcy that would see it reduce its interest rate burden and hand control of the company to private equity firm Ventura Capital Privado.

Brazil’s Odebrecht returned to the bond market on Thursday exactly six weeks after putting issuance plans on hold in a sign of recovering issuer confidence in borrowing conditions.

Chilean electricity transmission company Transelec attracted $900m of demand on Tuesday for a $300m 10 year bond that bankers said should encourage more LatAm issuers into the market.

Latin America DCM bankers’ efforts to persuade borrowers that it is a good time to come to market has started to pay off as Banco de Costa Rica (BCR) and the Government of Bermuda both hit the road ahead of potential new deals.

Dealogic league tables of bond transactions, June 24, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

Dealogic league tables of loans transactions, June 25, 2013.

Dealogic league tables of bond transactions, June 24, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.