LatAm Bonds
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Mexican auto parts supplier Tenedora Nemak is hoping to take advantage of its familiarity among US-based high yield investors when it meets accounts on Monday with a view to pricing a debut international bond on Thursday or Friday.
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With carnival in Latin America moving from the bond markets to the streets of Rio de Janeiro and Barranquilla, leading to a quiet week for new issues, Mexican automotive parts supplier Tenedora Nemak is planning to be among the next borrowers to hit the market.
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The Colombian government is reducing its external financing needs for 2013 by $1bn in an attempt to control the Colombian peso’s rally against the dollar. This will oblige the government to buy US dollars in order to meet payments on international debt, according to the ministry of finance.
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Brazilian meatpacker Minerva (B1/B+) has completed its debt buyback after exchanging a total of $642.567m of outstanding bonds for a new 2023 note sold in January.
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As bankers confirmed that Brazilian high yield firms Schahin and J&F had postponed their deals, Colombian lender Banco de Bogotá sold $500m of subordinated bonds late on Monday with a seven times subscribed book.
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Debt market participants insist that 2013 will still be a good year for Latin American corporates despite a slowdown in the new issue market that saw two high yield names fail to price mooted deals last week.
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The splash made by a sell-out $4.25bn three year bond by the World Bank priced on Wednesday was counterbalanced by an underwhelming 10 year tranche, the borrower’s first in the tenor since March 2006, which failed to make the benchmark grade.
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Latin American DCM bankers dismissed the softening in debt markets in the region as a "hiccup" and said that the conditions remained very positive as three single-B issuers were able to get deals away this week despite a sell-off in the secondary markets.