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LatAm Equity

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  • América Móvil, the Mexican telecommunications company controlled by Carlos Slim, had to cheapen the terms of its €2.2bn bond exchangeable into shares in Dutch telco KPN, but still achieved a remarkably cheap refinancing of a non-core stake.
  • Ninebot, an electric scooter producer backed by electronics giant Xiaomi Corp, has won approval to raise more than Rmb2bn ($282m) from listing China Depository Receipts on the Star board.
  • Brazilian ECM has surged this year, thanks to a belief in president Jair Bolsonaro’s plans for the economy. Brazilian corporates have taken advantage of investor excitement to raise more than $15.4bn in equity financing over the first three quarters of 2019. But this could be just the start, with a wave of privatisation also possible.
  • Equity buyers are clambering all over each other to get a piece of the burgeoning insurance-linked securities market chasing higher yield on the back of a exceptionally destructive US hurricane season. Sam Kerr reports.
  • Borr Drilling, a Bermuda-registered, Oslo-headquartered offshore oil drilling company, has raised $650m with a 51% capital increase that was placed in an accelerated way on Friday evening.
  • SSA
    What, on Wednesday, seemed to be primary capital markets gung-ho for any deal imaginable by Thursday looked more like a market on the skids as concerns intensified over the endless controversies dogging US president Donald Trump’s administration.
  • BRF, the Brazilian food conglomerate, has confirmed that it is considering London for an IPO of its halal food business, although a final decision has not been made.
  • Citigroup has issued on Thursday an unusual €374m bond, exchangeable into shares of Telekom Austria, as part of a deal that enabled América Móvil to reduce its stake in the company, fulfilling an earlier promise, without suffering a big fall in the share price.
  • Telefonica’s €600m equity-neutral convertible bond, launched and priced on Wednesday, proved controversial and had to be restructured mid-sale, highlighting the discomfort many investors feel with some of the currently fashionable CB structures.
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