by Ben Miller
Enlarging the Menu
Asian buy-side participation in LatAm debt deals remains meager, but greater efforts are being made to cultivate accounts from Singapore to Tokyo.
Asia's vast buy-side potential has really yet to be
exploited by Latin American issuers looking to diversify their
funding bases. This is slowly changing, however, as the region
becomes more than just an afterthought through greenshoe
options on dollar bonds, and after América Móvil
(AMX) ventured into the renminbi market this year to mark
LatAm's first-ever renminbi-denominated Dim Sum deal.
Yet, lack of familiarity with LatAm credits, an historic
distrust of the region and an inability to assess high-yield
credits means that Asian investors are only likely to welcome
but a handful of Latin names, despite having considerable sums
of money to put to work.
América Móvil's 1 billion yuan ($160 million)
bond sold in Hong Kong in February represented LatAm's entrance
into a new market. The three-year so-called Dim Sum bond could
be the first of several for the telecom, and other high-grade
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