LatAm Bonds
-
Favourable market conditions and international investor demand for local currency debt has not been derailed by events in Japan and the Middle East, investors said last weekend, as reported by EuroWeek’s sister publication, Emerging Markets.
-
Mexican homebuilder Javer on Wednesday evening set the coupon on a new 10 year bond that it will issue as part of a $210m liability management exercise and an additional $30m of issuance.
-
Brazilian conglomerate Odebrecht issued a $500m 12 year bond on Friday, with proceeds to be used in a liability management exercise. The company has offered to buy back $500m worth of a combination of its $200m 9.625% 2014s, its $400m 7.5% 2017s and its $500m 7% 2020s for cash in order to extend its debt maturity profile.
-
International bond markets have been made jumpy by the surprise poll success of Peruvian presidential hopeful Ollanta Humala, a nationalist candidate who has drawn comparisons with Venezuela’s Hugo Chavez.
-
Peruvian Inkia Energy priced its debut $300m 10 year non-call five bond yesterday via lead managers Bank of America Merrill Lynch and Credit Suisse. The power generation company’s note, which has an 8.375% coupon, was priced at 99.169 and yields 8.5%. The senior unsecured note is now trading around par.
-
The Brazilian government has raised a new 6% tax on any foreign loans or bonds with a maturity up to one year issued by Brazilian companies, in an attempt to lower pressure on the real, which has appreciated around 40% against the dollar in the last two years. Previously, the government only taxed debt with a three month maturity or lower.
-
Mexican homebuilder Javer on Wednesday evening set the coupon on a new 10 year bond that it will issue as part of a $210m liability management exercise and an additional $30m of issuance.
-
Mexican cement maker Cemex launched a euro and dollar high yield bond on Tuesday. The transaction, which could be priced later in the day, is the European high yield market’s first drive-by deal since the recent volatility caused by the Japanese earthquake, underscoring the high demand for junk-rated corporate paper.
-
Brazilian conglomerate Odebrecht issued a $500m 12 year bond on Friday, with proceeds to be used in a liability management exercise. The company has offered to buy back $500m worth of a combination of its $200m 9.625% 2014s, its $400m 7.5% 2017s and its $500m 7% 2020s for cash in order to extend its debt maturity profile.
-