Corporate & Sovereign Strategy Central America El Salvador Bonds

El Salvador's Grupo Unicomer hit a wall in January 2014, when it postponed plans to issue a cross-border bond. The retail group had lined up a seven-year, $300 million trade, but perceived vulnerabilities in the group’s financial unit and a troubled day in the bond markets halted what would have been its first international transaction.More than three years later, Unicomer made its debut in the cross-border market in March 2017, selling a $350 million seven-year bond and raising funds to pay debt due between 2017 and 2019. The underwriters BCP Securities, Citi and Credit Suisse opened the trade with talk of a coupon above 8%, but then priced the notes at 7.875%.Unicomer intrigued investors w

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