Mexico

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.

Mexican broadcaster Grupo Televisa sold $1.2bn of 10 and 30 year bonds on Thursday to reignite a Latin American bond market that some had suggested was heading for early hibernation.

Fitch upgraded Mexican auto parts supplier Tenedora Nemak from BB to BB+ on Wednesday, bringing the issuer up to the highest level of sub-investment grade with all three major rating agencies.

Goldman Sachs, HSBC and Morgan Stanley will lead Mexican television broadcaster Grupo Televisa’s next international bond, although there is no indication yet of when it will happen.

Pemex CFO, Mario Beauregard has resigned from the state-owned Mexican oil giant and will be replaced by a peer from a fellow government enterprise.

It was hardly back with a bang, but Latin American corporate issuance is on the agenda again after Fibra Terrafina sold $425m of seven year notes on Tuesday — some two months after its roadshow.

Latin America bankers say that a Mexican corporate is likely to announce a roadshow on Thursday after Fibra Terrafina’s debut deal traded well in secondary despite only a modest oversubscription.

Mexican government-owned development lender Nafin (Nacional Financiera) became the first Latin American financial institution to sell a green bond on Thursday in what one banker said was a landmark deal for the product in the region.

DCM bankers hope that Mexican lender Nafin’s planned green bond could be the first of many from the country, and that other development banks in Latin America will follow Mexico’s model.

Government-owned development bank Nacional Financiera (Nafin) is plotting what would be the first ever green bond from Mexico and — unlike the previous two such bonds from LatAm — will be ringfencing the proceeds.

Mexican retail chain Soriana is meeting investors ahead of a potential bumper peso deal as deal pipelines fill up in Latin America’s stronger economies.

Bankers covering Latin America are optimistic about the prospects for primary supply from the region this week, with Mexican names the top picks to test the market.