The asset class that first came to prominence in the region several years ago is resurfacing in a big way, driven by investors’ hunger for yield and diversification, helping SMEs and corporates source alternative funding in the meantime. But questions are being asked about the sustainability of private debt were the global environment to deteriorate and liquidity to drain from the market.
28 Nov 2019
The Mexican REIT followed up its June USD1bn issuance with an impressive USD1.1bn dual-tranche revolving committed credit facility, with the spread linked to pre-agreed sustainability KPIs, an instrument that was the first of its kind in the region.
15 Nov 2019
In 2020, Latin America’s largest markets are largely going be to characterised by picky investors, persistently low yields, infrastructure development, LIBOR-related woes, and socio-political upheaval, according to dozens of bankers, investors, lawyers and credit ratings agencies who spoke with Bonds & Loans on a recent trip to the region. We’ve summarised the top five themes likely to drive the…
12 Nov 2019
A sleepy summer period for Mexico’s capital markets was awoken by a slew of real estate deals, including bonds issued by Fibra Uno and Terrafina, but the extent to which these issuances reflect sustained resilience and heightened activity in the sector, at a time when a slowing economy is posing challenges for most corporate issuers, remains unclear.
29 Oct 2019
Chile’s impeccably timed and well-executed debut foray into the Green bond market set a number of milestones, building on a growing pipeline of Green and ESG-linked transactions in the Americas, and reinforcing the trend that these formats are viable components of the funding toolkit for a broadening range of organisations. More impressively so, Chile executed its inaugural Green issuances in USD…
9 Oct 2019
Terrafina, one of Mexico’s top real estate investment trusts, issued a USD500mn 10-year senior unsecured international bond that saw 5x oversubscription at peak and priced at an impressive 4.962%, joining a spate of issuances from the real estate sector – one of the busiest in terms of volumes in Mexican fixed-income.
19 Sep 2019
Fibra UNO, the first and largest real estate investment trust (REIT) in Mexico, was able to upsize its dual-tranche USD1bn bond with an innovative “long-distance” roadshow that saw over 4x oversubscription from a variety of international investors.
7 Aug 2019
In elections last year, voters in both Brazil and Mexico opted overwhelmingly for populist candidates. To be sure, Latin American populism takes many shapes. In Mexico, Andres Manuel Lopez Obrador’s version (AMLO) promised significantly higher spending on social programmes and infrastructure. Brazil’s new President, Jair Bolsonaro, has pledged assertive efforts to clamp down on crime and boost…
9 Apr 2019
Mexican borrowers are gradually adjusting to the new market environment that has emerged since the inauguration of Andrés Manuel López Obrador, and amid broader emerging market volatility driven by the rise in global interest rates. Nevertheless, CFOs at a Breakfast Roundtable hosted by HSBC and Bonds & Loans in Mexico in February have raised important questions about some of the new…
21 Mar 2019
Last year, Grupo Bimbo’s debut hybrid transaction marked a milestone not just for the company but the broader Mexican corporate bond market, where primary market activity for hybrid securities has traditionally been dominated by select financial sector issuers.
20 Feb 2019
Americas Market Intelligence’s John Price takes stock of last year’s hectic election cycle in Latin America and looks more closely at the fortunes of some of the region’s key markets: Brazil, Mexico and Venezuela.
19 Feb 2019
Mexico has made significant strides in developing and deploying renewables in recent years, but recent regulatory uncertainty has cast a pall over the sector and may start to weigh on the bankability of transactions. Bonds & Loans speaks with Benny Villareal, Chief Executive Officer at Vive Energía about the company’s corporate funding strategy.
15 Feb 2019
The recent explosion at an oil pipeline in Tlahuelilpan, Central-Eastern Mexico, took the lives of 114 people and dozens more were left with severe injuries. The blast brought Mexico’s ailing oil and gas infrastructure back into focus just as the new president sets on a path to revitalise the industry by undoing some of his predecessor’s reforms to liberalise it. But will he succeed?
8 Feb 2019
Mexico’s political environment and markets experienced unprecedented levels of volatility in 2018, but against that backdrop borrowers took to the markets to launch landmark transactions that still broke barriers and paved the way for others to follow.
6 Feb 2019