Latin America
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Four Latin American corporates priced a total of $3bn of new debt on Thursday, as investors said they were grateful for the chance to get their hands on new paper but not overly enthused about the yields on offer. -
The CFO of Brazilian railroad operator Rumo told GlobalCapital that improvements in the company’s credit metrics allowed it to successfully issue in dollars on Wednesday, despite the issuer not guaranteeing the bonds with its main operating company as it had for its previous deal.
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Mexico issued in euros for the first time since 2016 on Tuesday, coming tight to its dollar curve and wrapping up its external funding for needs for the year already.
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Mexican non-bank lender Unifin Financiera is plotting a subordinated perpetual deal, according to bond market sources, after Peru’s Interbank became the latest Latin American financial name to issue on Wednesday.
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Brazilian railroad operator Rumo clinched its second dollar bond on Wednesday, offering a pick-up to its previous deal and building a hefty order book in the process.
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Though bankers may have expected the first quarter of 2018 to play out with a glory run of slam dunk deals, a recent back-up in US Treasury yields has left some big name investors calling the start of a bear market in bonds.
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Puma Energy made a strong start for non-financial corporate issuers on Monday, making full use of investor familiarity with the credit — and some excess cash — to make its $750m market return.
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Peruvian lender Interbank (Banco Internacional del Perú) is planning to raise $200m of new five year debt on Wednesday to become the first Peruvian borrower in the bond markets in 2018.
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Bankers following Mexico’s second trade in less than a week said that the sovereign had managed to price its euro deal impressively tight to its dollar curve as the government wrapped up its funding needs for the year.
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The United Mexican States has released price guidance on its first euro bond for over a year.
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Puma Energy has returned to the debt markets to redeem its outstanding 2021s and in doing so will provide investors with a nice lump of cash to reinvest in a new offering of debt.
