Latin America
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Brazilian state oil giant Petrobras began the year finalising yet another buy-back of existing bonds, though the response from bondholders fell below the $1.5bn maximum repurchase amount set by the borrower.
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Brazilian bank BTG Pactual is asking holders of its perpetual bonds issued in 2014 to agree to a new indenture that allows the lender to change the issuing branch of the notes. -
Syndicate bankers say that larger than normal new issue concessions being paid by US investment-grade corporates in bond markets mean Latin American borrowers are in no rush to get the year started.
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Brazilian state oil giant Petrobras began the year finalising yet another buy-back of existing bonds, though the response from bondholders fell below the $1.5bn maximum repurchase amount set by the borrower.
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Brazilian airline Gol Linhas Aéreas Inteligentes is set to continue its deleveraging process as it looks to repurchase the remainder of its bonds due in 2022.
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No Latin American borrowers dared to announce bond plans in the short first working week of 2019, but a flurry of pre-Christmas requests for proposals and the prospect of habitual January issuers tapping was enough to make syndicate bankers chirpier.
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El Salvador’s Congress has approved the issuance of new external debt to enable it to refinance debt due later this year. That will mean one fewer headaches for whoever wins next month’s presidential elections.
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Latin American bond markets had a predictably quiet start to 2019 as DCM bankers are focussing firmly on next week for any new supply, but early signs suggested that Brazil would continue to be the outperformer.
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El Salvador’s Congress has approved the issuance of new external debt to enable it to refinance debt due later this year. That will mean one fewer headache for whoever wins next month’s presidential elections.
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Mexico’s new president Andrés Manuel López Obrador (Amlo) is free to proceed with his proposed cancellation of Mexico City’s new airport after bondholders agreed to waive clauses that would have triggered an event of default.
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An appetite for risk is returning to Latin America's equity markets heading into 2019 as worries over the China-US trade war and rates hikes in the latter country ease, according to a Lat Am fund manager survey from Bank of America Merrill Lynch Global Research.
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Battling a host of problems — local and global — Latin American bond markets suffered a torrid 2018. Many issuers stayed away, high yielders struggled to find financing and investors booked losses. With more volatility expected, political developments in LatAm’s three largest economies could make or break the region’s bond markets in 2019. Oliver West reports.
