Latin America

Mexico’s second largest lender Banco Mercantil del Norte (Banorte) returned to the Swiss franc market for the fourth time in under two years on Monday.

Brazilian hospital operator Rede D’Or became the third Latin American company in a week to tap recently issued bonds as the region’s fixed income markets continue to defy coronavirus-related volatility elsewhere.

The Inter-American Development Bank has sold its first Indonesian rupiah sustainable development bond, making it the seventh currency in which it has raised this kind of funding.

Mexican conglomerate Fomento Económico Mexicano (Femsa) on Friday tapped its 2050s, first issued nearly a month ago, to demonstrate how a softening of global risk appetite since then, combined with a strong technical picture in EM, is making markets attractive to both buyers and issuers.

TransJamaican Highway Limited (TJH), a toll road concessionaire that connects Kingston, Jamaica to its western suburbs, sold $225m of project bonds on Friday ahead of a proposed initial public offering by the government of up to 80% of the company.

Mexican leasing company Operadora de Servicios Mega (Grupo Mega) became the latest Latin American high yield company to gain impressive pricing traction on Thursday, as it offered strong evidence that the region’s bond buyers are nonplussed by the coronavirus epidemic.

Axel Kicillof, the governor of the Province of Buenos Aires, who has an antagonistic relationship with bond investors, was forced into a volte-face on forgoing a debt payment, as Argentina’s new government seeks to maintain a good rapport with markets ahead of restructuring negotiations.

Mexican state oil company Pemex will increase the size of its most recently issued bonds by more than initially planned after a debt exchange was comfortably oversubscribed.

Stephen Moss and Nuno Matos have been given new roles of responsibility for Europe at HSBC, ahead of expected restructuring of the group in that region, particularly in global banking and markets (GBM).

Chilean mobile phone operator WOM took advantage of a better tone in bond markets on Tuesday to add $60m to its 2024 notes, first sold in November.

The Province of Buenos Aires agreed to make an overdue bond payment on Tuesday afternoon to dodge default by just one day, as analysts said Argentina had to avoid creditor conflict to meet a tight deadline to restructure its sovereign debt.

Credivalores, a Colombian consumer and payroll lender, had to navigate a more cautious bond market on Monday to clinch a five year deal that landed exactly where fellow non-bank lender AlphaCredit had priced a trade last week.