Mexico

Mexican infrastructure and construction company Empresas ICA confirmed that it would not make a $6m bond interest payment due on January 25 as it hired a new official to negotiate with bondholders.

Mexican infrastructure and construction company Empresas ICA confirmed that it would not make a $6m bond interest payment due on January 25 as it hired a new official to negotiate with bondholders.

Lat Am bankers said that the 15bp-20bp new issue concession achieved by Mexico in its first deal of the year was unlikely to be bettered by anyone soon after the sovereign raised $2.25bn in a tough market.

There may be a new man in charge at the Mexican debt management office, but bankers were just as effusive as ever over its $2.25bn of 10 year bond, its first issuance of 2016, on Wednesday.

Mexican infrastructure and construction giant Empresas ICA is heading for default after the company said it had decided not to pay a $31m interest payment due November 30 before the expiration of the grace period on December 29.

Bond bankers say that Mexican government-owned oil company Pemex will have to overcome fears that European investors have over emerging market and oil related names as it looks at issuing its second sterling bond.

Mexican real estate investment trust Fibra Uno was forced to issue less than it was hoping for this week, in a deal that exemplified the new reality to which Latin American issuers — even the well-liked, solid credits — must become accustomed.

Mexican government-owned oil company Pemex held an investor call on Wednesday morning ahead of a planned sterling-denominated trade.

EM bond investors said that Fibra Uno’s latest dollar issue represented great value for such a strong credit as the deal tightened several basis points in the aftermarket.

Latin American bond markets had a poor first day of trading after the Thanksgiving break, giving Mexican real estate investment trust Fibra Uno a tough ride withn its second international issue.

Dr Alberto Torres García, head of economic research at Mexico's central bank, is to take over from of Alejandro Díaz de León as head of the country’s public credit as Díaz de León leaves to take run development bank, Bancomext.

Moody’s has reduced Mexican government-owned oil giant Pemex’s credit rating from A3 to Baa1 and kept the issuer on negative outlook, saying that the company’s weak credit metrics would deteriorate further in the near to medium term.