Latin America

A majority of Mexican car parts maker Metalsa’s bondholders agreed to amend parts of the indenture to grant the company more flexibility regarding sales and mergers.

Three Latin American issuers took advantage of decreasing rates in dollar markets to raise funding this week, and debt capital markets bankers say primary activity should continue to pick up.

Mexico showed that it still has full access to its regular funding markets this week as Japanese investors gave the sovereign its largest ever order book in the Samurai market, on the way to its largest deal in the currency.

Chile’s decision to issue a second green bond in two weeks with a 12 year euro transaction paid off in the shape of 64 first-time investors, as more Latin American issuers turn to green finance.

A pair of emerging market banks placed MTNs this week. In Australian dollars, Banco del Estado de Chile printed a 10 year note on Tuesday, while on Monday, Qatar National bank placed short end dollar paper.

Italian-owned solar energy company Ergon Peru is looking to raise a 15 year green bond in dollars and has earned top marks from Standard & Poor’s on its green evaluation, the rating agency said.

Chile may be an expensive buy for many EM investors, but the country’s status as the top-rated Latin American sovereign is making it attractive for environmental, social and governance-focused investors, said debt capital markets bankers, after the government sold its second green bond in two weeks.

Broader volatility could not interrupt Latin America’s rediscovered bond market momentum, as Mexican real estate investment trust (REIT) Fibra Uno tapped international investors for the first time in three years on Tuesday.

Fibra Uno, the largest and most diversified real estate operator in Latin America according to Fitch, could price a new dollar deal as soon as Tuesday.

South American development bank CAF (Corporación Andina de Fomento) has raised $140m of 10 year debt via a private placement that will be used to fund education projects, GlobalCapital understands.

State-owned Argentine oil and gas company YPF became the first borrower from the country to tap international bond markets in 14 months on Monday. Yet despite a healthy reception from investors, bankers do not expect copycat trades from other Argentine issuers.

Cielo, the largest merchant acquiring and payment processing company in Brazil, on Friday wrapped up a consent solicitation and bond buy-back for its global 2022s that will effectively split the note in two.