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?
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.
Uruguay hopes to invigorate local capital markets with new legislation. The country’s vice president says public companies may soon list minority stakes locally.
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.
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.
Brazil’s BNDES has become a regular in the DCM after returning in 2008 from a 10-year hiatus.
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.
Revived European debt woes put a lid on last yearâ€™s bumper DCM volume, which was fuelled by unprecedented fund inflows and tantalizingly low rates for borrowers.
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.
The rapidly rising tide of LatAm fixed income lifted all underwriters in 2010, creating at least four serious contenders for Best Bond House.
After suffering derivative losses in the 2008-2009 crisis, Brazil’s Aracruz Celulose was purchased by Votorantim Celulose e Papel.
A January 21 Daily Brief entitled...
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.
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.
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Sep 10 - 11, 2015 | The Westin Chaoyang, Beijing, China
Now in its 7th year, the Forum has cemented its position as the pre-eminent business meeting...
Sep 17, 2015 | Sheraton Hotel & Convention Center, Buenos Aires, Argentina
Cumbre Financiera Argentina will return to Buenos Aires on September 17th ahead of the much...
Sep 24 - 25, 2015 | Camino Real Guanajuato, Guanajuato, Mexico
The Infrastructure and Sub-Sovereign Finance in Mexico Summit will bring both state and municipal...
Sep 30, 2015 | The Pierre, New York City
LatinFinance’s Project & Infrastructure Finance Awards recognize the most impressive transactions...
Oct 21 - 22, 2015 | Grand Hyatt, Playa del Carmen, México
Structured Finance LatAm (SFLA) will convene in Playa del Carmen, Mexico the most important issuers...
Nov 10, 2015 | Hotel Bourbon, Asuncion, Paraguay
The Forum will discuss how private and public sector capital can be mobilized to finance the PPP’s,...
Will a strong dollar deter investors from LatAm bonds?
No, the yield-hunt goes on
Yes, but only retail investors
Yes, once the Fed raises rates
There was indeed a risk of losing investment grade, but thanks to the appointment of Joaquim Levy and the new fiscal targets, that risk has declined a lot
Ilan Goldfajn, Itaú-Unibanco
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