June 21, 2013
Brazilian and Mexican domestic market bond deals had showed
a bit of immunity to the rough conditions that have affected the international bond
markets – that is, deals were getting done at all.
As the pessimism continues, however, it is getting tougher. Brazil’s
Rodovias do Tietê is heard pricing a 1.07 billion reais ($473 million) transaction
at the wide end of a price range. Full details remain to be released, but the deal
was also helped by a guarantee from the lead banks.
Brazilians and Mexicans have continued to issue debt locally while international markets have shut. Opportunity may be narrowing, however.