Latin America
CASE STUDY: Grupo Gondi Tags Rare 10-Year LCY Tranche on Term Loan and USPP for Bond Refinancing
Over 2x oversubscription on the upsized term loan and US private placement allowed Grupo Gondi to introduce a competitive dynamic between loan and PP demand, maximizing maturities and achieving the lowest price.
26 Feb 2020
Peru’s Current and Fiscal Account Deficits Narrowing Despite Softer GDP Growth – Itau
Weak domestic demand, due to low gross public investment, is a drag on GDP growth, according to the bank’s research.
25 Feb 2020
Uruguay on Negative Watch amid Sluggish Growth and Fiscal Concerns – Fitch
In its latest assessment the ratings agency warns elevated public debt is driven even higher as the new coalition government comes into office.
24 Feb 2020
CASE STUDY: Quiport Lands First Corporate Bond Out of Ecuador in Decades
The bond proceeds have gone towards refinancing the first greenfield airport project in Latin America in 10 years.
21 Feb 2020
IMF Warns Argentina Bond Holders That Haircuts May be "Unavoidable"
The Fund held a series of “productive” meetings with Argentine officials in Buenos Aires, commending the overall efforts to restore growth and reduce poverty, but signalled that write-offs will be inevitable.
20 Feb 2020
Countries Must Protect ‘Natural Capital’ to Lower Sovereign Credit Risk – Grantham Research Institute
The London School of Economics’ Grantham Research Institute on Climate Change and Environment and think tank Planet Tracker have published a report exploring the link between a country’s sovereign bonds and its natural resources, outlining a new research framework intended to allow market participants to integrate these considerations into the credit analysis process.
7 Feb 2020
CASE STUDY: CABEI Places Latin America’s First AA-Rated Green Bond
The notes, listed on both, the Luxembourg and Taipei Stock Exchanges, priced at a spread of 85bp over 3M-LIBOR attracted significant appetite from Asian and European investors.
31 Jan 2020
Regulatory Tweak Expected to Boost Foreign Investment in Paraguayan PPP Projects
So far a lot of institutional investors from Europe and North America have been cautious of the construction and other risks associated with public works projects in the Southern Cone nation, but this may all change following an upcoming legislative change.
29 Jan 2020
Brazil Enjoys Record High Debenture Issuance Despite Regulatory Constraints
With an infrastructure gap estimated at USD50bn annually, Brazil is falling behind many of its regional peers. As the state pulls back from financing projects, private investors are ready and willing to step in – but many tell Bonds & Loans they need a steady and enabling regulatory environment to find their footing in the sector.
24 Jan 2020
Ecuador, Chile Join Growing List of Regional Issuers out of Latin America
The issuance pipeline in Latin America has really opened up this month with Ecuador and Chile joining a list of sovereigns tapping the international bond markets, including Colombia, Paraguay, and Mexico.
23 Jan 2020