LatAm Bonds
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Having seen BBB bond issuers like Colombia and Pemex take the headlines with bumper orderbooks last week, high yield firms are set to return to take advantage of momentum in Latin American debt markets.
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Most Peruvian companies large enough to issue in the international bond markets are considering doing so, according to one Lima-based corporate finance banker. But although fishmeal firm Pesquera Exalmar successfully priced a $200m seven-year debut issue at the end of last week, there is still some reticence among certain Peruvian corporates about financing themselves in the bond market.
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Mexican telecoms company Axtel has signed the $250m sale of 883 towers to the American Tower Corporation as it carries out a recapitalisation plan announced in mid-2012.
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Cirsa, the Spanish gaming company, wants to add €100m to its €680m 8.75% senior unsecured 2018 notes.
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Mexican oil company Pemex priced $2bn of 2023 notes on Wednesday, helping drive the week’s expected total Latin America volume of more than $6bn — subject to certain deals pricing late on Thursday or on Friday. That total could put it close to the top five biggest weeks ever for Latin American international debt issuance.
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In a repeat performance of last year’s groundbreaking hybrid, Banco do Brasil late on Thursday printed $2bn of perpetual tier one bonds to yield 6.25% in what bankers said was an opportunistic trade to prepare the Brazilian lender for Basel III.
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There have been three Latin American sovereign issues so far in 2013, and in all three the issuers have claimed records have been broken. After Mexico sold its cheapest ever 30 year money two weeks ago and Paraguay secured the tightest ever debut issue for a sovereign (see below), Colombia was encouraged to tap the capital markets for $1bn in 10 year notes on Tuesday.
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There have been three Latin American sovereign issues so far in 2013, and in all the issuers have claimed records have been broken.
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Colombia’s third largest bank, Davivienda, made its second outing in the international capital markets on Tuesday, pricing $500m of senior unsecured five year notes late in the day via Credit Suisse and JP Morgan.