Latin America

Mexican cement firm, Cemex has persuaded its banks to change the leverage covenants on its $1.9bn credit facility after its business suffered in the wake of exchange rate volatility and crashing oil prices.

Mexican telecoms giant América Móvil become the first private sector firm from Latin America to issue international bonds on Monday, raising €1.5bn of euro-denominated paper with a tighter new issue premium than most of the region’s sovereigns have managed recently.

América Móvil, the Mexican telecommunications firm, took advantage of a rally in emerging market debt to open books on its debut euro-denominated bond with a tight concession on Monday.

The arrest of former Brazilian president Lula da Silva gave new urgency to a strong rally in Brazilian bonds on Friday after the market appeared to take the detention as a sign that president Dilma Rousseff was closer to impeachment.

Latin America’s pain is Argentina’s gain. A torrid year for bond markets and economic struggles across the region have set the stage perfectly for Argentina — so long the sick man of Latin America — to return to international bond markets with an audacious trade.

Banco Santander Chile will buy back more bonds than originally planned after its tender offer was fully subscribed before the early tender deadline on March 1.

Colombia on Wednesday became the second Latin American issuer this week to announce a European roadshow, although the sovereign is understood to be still pondering over the currency of its next bond.

At least five Argentine provinces are considering tapping international bond markets this year, according to investors, with the Province of Buenos Aires likely to be first after announcing a roadshow on Wednesday.

Should Argentina issue its $15bn in one go or not? If president Mauricio Macri’s government — and its debt officials — continue to communicate and then back those words with action, it won’t matter how many deals it takes.

Brazilian cement company Votorantim Cimentos is looking to buy back up to €350m ($380m) of debt, using the proceeds of a cash injection from its holding company to become the latest issuer to take advantage of the poor performance of Brazilian bonds.

Fomento Económico Mexicano (Femsa) has mandated three banks for its debut euro denominated bond, which it will roadshow next week around the European Central Bank policy meeting.

Bankers and analysts were confident that Argentina will find the demand it needs for a triumphant return to international capital markets after the mediator in its debt dispute said that the 15 year legal battle between the country and leading holdout creditors is nearing a solution.