Mexico

Citigroup has issued on Thursday an unusual €374m bond, exchangeable into shares of Telekom Austria, as part of a deal that enabled América Móvil to reduce its stake in the company, fulfilling an earlier promise, without suffering a big fall in the share price.

Financiera Independencia (Findep), the Mexican microfinance lender, has given bondholders an extra two weeks to earn the early bird fee on its tender offer despite receiving a strong initial response.

Two high yield companies reminded bond markets that there’s life in Latin America outside of Argentina by selling dollar deals linked to liability management exercises this week.

Mexican state-owned oil company Pemex was expected to raise ¥80bn ($759m) of 10 year Samurai bonds on Friday morning Japan time in its first yen deal since 2008.

Mexican state owned oil company Pemex is expecting to price a 10 year Samurai bond on Friday morning Japan-time in what would be its first yen-denominated deal since 2008.

Mexican microfinance lender Crédito Real has hired three banks to manage an investor roadshow and tender offer as it looks to push out debt maturities.

The UK’s vote to leave the European Union on Thursday put paid to at least two bond announcements in Latin America but traders said the reaction in secondary markets was nowhere near as brutal as expected.

Several Latin American borrowers are lining up bond roadshows, undeterred by the UK’s vote to stay or leave the European Union, to add to the six names already in the visible pipeline.

Mexico sold the largest non-guaranteed Samurai deal for at least 15 years this week, taking advantage of negative rates in Japan to clinch a four tranche bond that was priced well inside its previous deals in the market.

Mexican real estate investment trust Fibra Uno and Colombian state-owned oil company Ecopetrol reopened existing dollar notes on Wednesday to take advantage of euphoric conditions in Lat Am bond markets.

Mexican cement producer Cemex sold €400m of euro denominated bonds on Wednesday as the company’s liability management policy brought it popularity with fixed income investors.

Mexican cement manufacturer Cemex on Wednesday followed in fellow high yield issuer Braas Monier’s tracks with a significant tightening in pricing on its offer.