Fixed Income

At a time when the syndicated loan market was still thawing from a deep, crisis-driven freeze, Americas Mining Corporation (AMC), a wholly-owned subsidiary of Grupo México, provided an encouraging sign.

Brazil’s BNDES has become a regular in the DCM after returning in 2008 from a 10-year hiatus.

After suffering derivative losses in the 2008-2009 crisis, Brazil’s Aracruz Celulose was purchased by Votorantim Celulose e Papel.

América Móvil (AMX) is a frequent star of LatAm issuance, beloved by investors despite its razor thin spread and feared by bankers for its rigorous execution standards.

Southern Copper Corporation (SCC) saw jumbo demand for a $1.5 billion April 2010 issue of new 10 and 30-year bonds, which were tightly priced but still traded up.

Colombia paved the way for LatAm issuers in April with an $800 million 2021 equivalent global TES bond. It braved the market to issue the first global local currency deal from LatAm since 2007, according to Dealogic.

The State of Mexico (Edomex) in August issued a much anticipated 4.1 billion peso 20-year local bond, the first securitization of future flows of income from residential property fees from a Mexican state.

In just three months of extremely choppy external markets, Project Jaguar scored a coup.

For the first year ever, LatAm...

Argentina will receive a $40m loan...

Holders of about 80% of Argentina's...

Uruguay hopes to invigorate local capital markets with new legislation. The country’s vice president says public companies may soon list minority stakes locally.

Biggest, tightest, longest, cheapest. Superlatives abound when describing LatAm capital markets and advisory for the last 12 months, and many bankers expect the good times to continue rolling.

Demand for local currency fixed income is back, tracking appreciating LatAm currencies and flaring rates differentials. Structural shifts support the trend, but can it last?

Rekindling Loans International banks are eager to re-enter the LatAm bank market. But cost of funds, spread compression and better DCM terms will keep a lid on volume.

Moody’s expects the global speculative-grade default...

Revived European debt woes put a lid on last year’s bumper DCM volume, which was fuelled by unprecedented fund inflows and tantalizingly low rates for borrowers.

China Investment Corporation’s involvement in a consortium buying part of Brazil-based BTG Pactual marks a shift into financial assets for China.

New York-based Cleary Gottlieb Steen & Hamilton is no stranger to megadeals.

The rapidly rising tide of LatAm fixed income lifted all underwriters in 2010, creating at least four serious contenders for Best Bond House.

A $1.5 billion dual-currency bond issue in July 2010 of dollar denominated and global-local notes marked the re-emergence of Chile, a historically infrequent issuer, and set a benchmark for its corporates.