LatAm Bonds
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LatAm bond markets could see a wave of issuance from Peruvian corporates in spring as companies see a window of cheap money.
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The dollar market proved a fertile hunting ground for high grade SSA issuers this week as central banks and bank treasuries globally sought to load up on product, resulting in bumper transactions from the European Investment Bank, KfW and the Kingdom of Sweden, which collectively issued $13bn of debt in just 48 hours at minimal new issue premiums.
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Mexican auto parts supplier Tenedora Nemak increased the size of its 10 year bond issue from a planned $300m to $500m on Thursday after attracting an order book of $3.25bn.
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After last year’s all-time record international bond issuance by Latin American borrowers, the first half of Q1 in 2013 has seen the region’s share of global EM issuance fall to 20%, according to data from Dealogic. However, bankers say the long-term outlook is still healthy for the region.
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One of 2013’s early issuers, BTG Pactual, is also making progress arranging deals, and is the big early mover in Dealogic’s LatAm league tables.
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LatAm bond market eyes are firmly fixed on Mexico with Tenedora Nemak and América Móvil understood to be considering issuing on Thursday.
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Caribbean telecoms firm Digicel sold $1bn of B1/B rated senior unsecured bonds due in 2021 as part of a liability exercise that will see it buy back its $510m of outstanding 2014 notes.
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After last year’s all-time record international bond issuance by Latin American borrowers, the first half of Q1 in 2013 has seen the region’s share of global EM issuance fall to 21%, according to data from Dealogic.