LatAm Bonds
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Mexico has become the first LatAm sovereign to sell global bonds since June, pricing a total of $1bn in its 2017 and 2034 benchmarks on Monday. Merrill Lynch and UBS were joint bookrunners.
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The queue of delayed Latin American corporate issues started to come through this week, led by a $750m 144A/RegS 10 year non-call five from gas transporter TGI International on Wednesday.
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Niche currency Eurobonds have felt the full effects of the US Federal Reserve’s decision to cut rates, with issuance buoyed by strong emerging market currency shifts against a weakened dollar.
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Fitch Ratings gave Mexico’s long term foreign currency debt a one notch upgrade to BBB+ on Wednesday. Long term local currency debt moved up from BBB+ to A-.
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Brazilian utility group Rede Empresas de Energeia Eletrica (Grupo Rede) successfully made it to the global bond market yesterday (Thursday) afternoon, selling a $175m perpetual non-call five.