Slowly but surely, Brazilian banks appear to be developing a taste for dim sum.
BTG Pactual on Tuesday returned to tap the so-called dim sum bond market – as renminbi-denominated debt issued overseas are called – raising Rmb1bn ($160m) via a three-year paper priced at 4.2 per cent. Read more
Just when you thought yields on Latin American corporate bonds couldn’t get any lower, along comes an issue that resets the price curve all over again.
Cielo, a Brazilian card-payment processor, on Friday launched $875m of 10-year debt at 225 basis points over US Treasuries, or roughly 3.86 per cent – the lowest price ever paid by a LatAm company selling new debt of that maturity. Read more
Stelleo Tolda, chief operating officer of MercadoLibre, says he really didn’t think the company he helped launch in 1999 would grow to become Latin America’s largest online trading platform.
Thirteen years later, with 1,600 employees and almost 70m registered users, MercadoLibre – which means “free market” in Spanish – dominates ecommerce in the region, where it matches buyers with sellers and facilitates payments in 13 countries. Read more
Need further proof that Mexico’s star is rising among foreign investors?
Consider this: the country this week braved the choppy global market to pull off a Y80bn ($1bn) issue of “samurai” bonds, or yen-denominated debt, in Japan.
The sale is significant on a number of levels. Not only did Mexico raise a good sum of money, but it did so without having to offer any collateral (an indication of Mexico’s improving credit quality). The fact that the buyers were predominantly Japanese also underscores the growing perception of Mexico as a safer investment thesis thanks to its improving fundamentals and export-led growth engine. Read more
When the US sneezes, Latin America catches a cold – or so the saying goes.
But you wouldn’t know that looking at the LatAm debt market. Bimbo, the the world’s largest breadmaker, became the latest to join the LatAm 2012 bond bonanza with a 10-year debt sale. Read more
As beyondbrics reported on Thursday, there has been quite a pick up in bond issuance from Brazil since the start of the year. One offer in particular, from government-controlled Banco do Brasil, merits a closer look.
The largest Latin American bank by assets came to markets on Thursday with a bond that may linger around until the end of time. Read more
The city of Lima is coming to the muni market. Not Peru’s very own, mind you, but that of dollar-denominated municipal bonds.
Susana Villaran, the mayor of Peru’s capital city, spent most of Thursday in New York in meetings with potential investors, book runners and rating agencies to discuss her plans to issue $500m in 10-year bonds. Details of the offer – Lima’s first in international markets – will be finalized in the next six months. Read more
About 300 dedicated emerging markets investors, traders and analysts gathered on the 27th floor of Citi’s offices in Manhattan this week to discuss the outlook for … the euro. Read more