Venezuela’s presidential elections are still more than a year away. But the possibility of regime change is already moving spreads. Are investors blind to the underlying risks?
Category: Regions
Posted inMagazine
New Horizons
The pipeline for Colombian corporate bond and equity transactions is swelling as issuers look to take advantage of the sovereign’s new investment-grade status.
Posted inMagazine
Taming the Beast
With inflation the main challenge, several banks drew positive reviews for their efforts in the past year, with Colombia narrowly leading the way. However, Brazil continues to frustrate markets
Posted inMagazine
Running for Cover
Mexico’s Congress looks set to pass covered bond legislation. The move will create a whole new asset class for the local market and may rejuvenate mortgage funding.
Posted inMagazine
Room to Expand
Peru’s pension system is growing exponentially, leaving managers scrambling for investment options. Infrastructure investments, foreign assets and a deeper equity market may help.
Posted inMagazine
Safe-Haven Status
Mexico’s sovereign local currency debt has never been more popular, but this has done little to help further develop the local corporate debt markets.
Posted inMagazine
Shifting Gears
Rising sales figures in Mexico’s automotive industry are drawing new investment in production while one of the country’s largest parts manufacturers is readying its own growth spurt.
Posted inMagazine
Tough Talk
Trinidad’s tough-talking energy minister is powering change in the vital energy sector. Can he bolster production levels and help the sluggish economy?
Posted inDaily Brief
AMX Lands Second CHF
After much speculation about a possible dollar trade, Mexican telecom giant America Movil (AMX) quietly emerged Tuesday with CHF270m ($330m) 2016 bond that came with a reoffer price of 99.775 to yield 2.039%, or mid-swaps plus 86bp. The deal marked the first non-Swiss issuer to tap this market in several months. Though the borrower came at a wider mid-swap spread than its previous foray in the Swiss market, it achieved a tighter yield and coupon. AMX last raised Swiss francs in 2010 when it issued a CHF230m 2.25% 2015 that was priced with a 2.24% yield or at mid-swaps plus 65bp. Retail, institutional and private accounts were all heard participating. The company last came to the bond market in June 2010 with a EUR/GDP bond transaction, raising EUR1.75bn and GBP650m via Deutsche Bank, HSBC, and BNP Paribas. The company is heard looking at a USD bond transaction and nearing the process of selecting banks. AMX is rated A2/A/A. Credit Suisse led the CHF transaction.
Posted inDaily Brief
Pemex Ups Stake in Repsol
Pemex plans to raise its position in Spain’s Repsol by 5%, to 9.8%, and has agreed to vote as a block with Spanish construction firm Sacyr Vallehermoso, a 20% owner. The pair will gain board seats and aim to split the chairman and chief executive officer roles now both held by Antonio Brufau. The Mexican state-owned oil monopoly says it has a shared vision with Sacyr for Repsol, including keeping the company independent and having representation in administrative bodies according to shareholder weight.