LatAm Bonds
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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.
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The Province of Quebec’s return to the dollar market after an 18 month absence was a solidly US affair with almost 90% of the $1.25bn 10 year global bond sold to top quality US asset managers, banks, official institutions and pension and insurance companies.
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The Republic of Guatemala is working towards becoming a regular issuer in international capital markets, the sovereign’s finance ministry told EuroWeek after a 15 year issue that was seemingly immune to a wider sell-off in Latin American credit.
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Brazilian airline Gol Linhas Aereas Inteligentes will seek to raise around $300m of up to 10 year money to refinance existing debt as the bond market continues to be receptive of single B Latin American companies.
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Chilean retail group SMU is expected to price a debut international bond on Tuesday after releasing price guidance in the high 7%-8% area, according to a banker close to the deal.
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Cementos Pacasmayo priced a heavily oversubscribed debut international bond at the tight end of guidance on Friday as the LatAm new issue market remained strong despite some slight softening in high yield names after a long rally.
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Demand for Latin American credits may have little room for improvement as bumper books continue to provide borrowers with low financing costs, according to some LatAm DCM bankers.