LatAm Bonds
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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.
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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.