LatAm Bonds
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Food conglomerate BRF Brasil Foods is looking to approach the international bond markets for the third time in two years as it recovers from a depressed financial performance in 2012 that has left the company with leverage well above its target, according to rating agencies.
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The Federative Republic of Brazil broke its 2013 international bond market duck this week, taking advantage of strong market conditions to tap its 2023s for a further $750m.
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Owners of the bonds of Mexican homebuilders are facing substantial losses as a series of downgrades culminated in two borrowers defaulting this week.
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Investors are secure enough with the interest rates forecast that they are happy to buy long bonds even from corporates and crossover-rated credits, said Latin American bond market participants after three borrowers attracted bumper books for 30 year sales.
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Costa Rica’s Instituto Costarricense de Electricidad (ICE) followed in the footsteps of its sovereign on Wednesday, selling a nine times oversubscribed 30 year bond as investors remain keen on the extra yield on offer from longer maturities.
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Mexican homebuilder Urbi Desarrollos Urbanos (Urbi) has suffered a second wave of downgrades after missing a payment on its domestic debt. Urbi failed to make a Ps3.9m ($324,000) interest payment on its 2014 local bonds on April, and could not find the funds before the end of the grace period on May 6.
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Government-owned Chilean bank Banco del Estado de Chile reopened its 2017 senior notes on Tuesday, printing $200m to bring the bond’s total size to $700m.
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Media giant Televisa, one of the monopolies targeted by Mexico’s competition reforms, raised Ps6.5bn ($540m) of 30 year money on Tuesday in a deal similar to América Móvil’s global-local bonds.