Mexico

EM specialist firm Exotix has hired a well-known corporate credit analyst to lead its coverage of Latin American companies from New York.

Two Latin American companies announced roadshows this week as the new issue markets finally gave an indication that banker predictions of a hectic September could come true.

Mexican broadcaster TV Azteca told bondholders on Friday that it would call some of its 7.625% dollar bonds due 2020, using proceeds from its recent debt issuance to do so.

Mexican broadcaster TV Azteca achieved impressive size and pricing and a strong secondary market performance when it sold its first bond in four years this week, brushing off investor concerns about its history and potential low liquidity.

Leads on Mexican broadcaster TV Azteca’s planned $350m seven year non-call four bond told investors on Tuesday evening that orders had reached $800m, as it looks to price the bond on Wednesday.

Mexican broadcaster TV Azteca is on the road with three banks ahead of a planned international bond sale as it looks to refinance existing debt.

TV Azteca, the second largest Spanish language television producer in the world, is looking to raise new dollar debt just a few days after it said it would use pesos to prepay dollar notes due 2018.

Mexican state-owned oil company Pemex on Tuesday sold $5bn of bonds that left investors very happy. The curve had widened significantly in the run-up to the deal, but the new bonds popped as much as two points in the aftermarket.

Mexican state-owned oil company Pemex continued its mammoth issuance programme with a $5bn tap of outstanding 10 and 30 year bonds that it will use to buy back old notes maturing between 2018 and 2019.

Mexican microfinance lender Financiera Independencia (Findep) began fixed income investor meetings on Thursday as it looks to sell up to $250m of dollar-denominated bonds.

Bond investors showed they had no trouble taking on Mexican risk last week, and microfinance lender Financiera Independencia (Findep) could be the next borrower from the country to take advantage of friendly funding conditions.

Some syndicate bankers saw Banorte’s debut additional tier one (AT1) bond as tight to comps, but investors piled into the deal on Thursday claiming that the Mexican lender was offering greater value than Banco do Brasil’s bond with a similar structure.