Latin America

Central American development bank Cabei will return to US bond markets for the first time since 2012 after a better than expected two notch upgrade from S&P left it keen to enter the realm of true SSAs, said its CFO. But the issuer will be doing so without Fitch, after deciding the rating agency’s methodology did not reflect its new business model.

Some EM bond investors were hopeful that Friday would see the concessionaire operating Quito’s new airport break a hiatus of more than three weeks in Latin American new issues, despite not pricing as scheduled on Thursday.

Government-owned Costa Rican lender Banco Nacional de Costa Rica (BNCR) is looking to buy back a portion of its shortest-dated international bond.

Caribbean cable company Digicel returned to the bond markets on Thursday with a senior secured bond deal that allows it to repay funds drawn down on its revolving credit facility, as well as its bank term loan A.

An affiliate of the concessionaire operating Quito’s new airport will look to break more than the three week hiatus in Latin American new issues on Thursday with an amortising trade that looks set to come well wide of the Ecuadorean sovereign.

Two emerging market borrowers familiar to investors returned to the Swiss franc market this week, injecting some geographical diversity into the sector.

The outcome of Ukraine’s presidential elections at the end of March will bear great influence on the nation’s economic future, and investors are fearful of the results.

Bond investors are betting that Brazilian steel producer Companhia Siderúrgica Nacional (CSN) can complete its comeback from the brink. Its bonds have rallied strongly enough for some holders to speculate a new issue may be on the cards.

Government-owned Costa Rican lender Banco Nacional de Costa Rica (BNCR) is looking to buy back a portion of its shortest-dated international bond.

Peruvian business group Alicorp may soon join the sparsely populated Latin American new issue pipeline as it looks to refinance an acquisition-driven bridge loan in the capital markets. Yet Moody’s and Standard & Poor’s have taken differing views on the transaction.

There was more bad news for Mexico’s standing in bond markets last Friday evening as S&P shocked many market participants by slapping a negative outlook on the sovereign’s BBB+ rating.

A robust balance sheet did not protect Vale from returning to junk status with Moody’s this week as the Brazilian mining company’s bonds suffered the agency’s decision to punish the borrower.