Mexico

A green bond to be used to construct Mexico City’s new airport led the way for a storming day of issuance in Latin America on Thursday, leaving no doubt that EM debt markets are still hot.

Mexican oil company Pemex pressed ahead with a new issue on a tough Tuesday in markets, raising $4bn of seven and 31 year bonds that both traded above par despite Lat Am credit in general remaining volatile on Wednesday and Thursday.

Some 54 anchor orders of more than $50m each helped Mexican oil company Pemex to raise $4bn of new bonds on Tuesday despite volatility sweeping Lat Am bond markets following a sell-off in US Treasuries.

Mexico-based lender Banco Inbursa — part of the Carlos Slim empire — began marketing a planned 10 year senior unsecured bond on Thursday as it looks to tap international bond markets for the first time in over two years.

CME Group has expanded its reach in both Asia and Latin America, with Hong Kong and Mexico recognising the firm as a central counterparty (CCP).

Three Latin American corporates announced roadshow plans on Wednesday as appetite for EM credit shows no sign of softening.

The second in command in Mexico’s public debt office has left his job to become CFO of state-owned electricity utility, Comisión Federal de Electricidad.

Gulf supply remained the dominant theme in CEEMEA bonds again this week as markets reopened in buoyant mood after Monday’s US holiday.

A special purpose vehicle backed by the state-owned sponsor of Mexico City’s new airport will begin a roadshow on Friday ahead of a planned green bond.

Mexican government-owned development bank Nacional Financiera (Nafin) sold the first ever local currency green bond from Latin America on Wednesday in a deal that market participants said showed the direction the market needs to take to grow in the region.

The United States has unseated the United Kingdom from its long dominance of over-the-counter interest rate swaps (IRS) trading, according to an industry report this week.

Standard & Poor’s said on Tuesday that there was at least a one-in-three chance of Mexico receiving a downgrade to its BBB+ rating within the next two years, although bond markets showed no reaction to the announcement.