Central America

Mexico returned to its role of opening Latin American bond markets for the year on Monday, triggering a slew of issuance from the region as bankers predict the bulk of 2020 supply will come in the first half.

Two companies turned up the heat another notch in Latin American primary bond markets on Wednesday, as both Coca-Cola Femsa and CMPC sold 10 year deals inside the ranges they had indicated at guidance.

A strong response to its tender offer allowed Mexico to increase the size of its new 10 year issued on Monday from $1.75bn to $3.05bn late on in the evening as bankers say that the deal shows investors are calm about the country’s prospects.

Coca-Cola Femsa, the world’s largest franchised Coca-Cola bottler, is looking to sell new bonds to fund a buy-back of existing debt as Latin America issuers waste no time in taking advantage of a liquidity-rich bond market.

Another Latin American borrower was set to price dollar deals this week as GlobalCapital went to press, as smaller issuers took a rare opportunity to hold the full attention of investors.

Mexican chemicals company Cydsa is likely to tap bond markets on Thursday as smaller LatAm issuers continue to raise funding ahead of what is likely to be a busy January.

Mexican chemicals company Cydsa has scheduled a roadshow as it looks to reopen a bond that investors say suffers an illiquidity premium. The expected increase in debt has led S&P to assign a negative outlook to the company’s rating.

Mexican chemicals company Cydsa has scheduled a roadshow as it looks to reopen a bond that investors say is suffering an illiquidity premium. But the expected increase in debt led Standard & Poor’s to assign a negative outlook to the company’s rating.

Bonds issued by Mexican polyethylene producer Braskem Idesa were heavily bid on the break as investors said that the deal had been priced at a very attractive level versus comparable securities.

Mexican cement company Cemex attracted nearly $4bn of orders on the way to a first dollar deal in three years on Tuesday. Bankers said the company’s active debt management was gaining a strong following.

Just two days after completing the country’s largest ever international bond issue, Costa Rica’s finance ministry said it would seek approval for a further $4.5bn of issuance once the new minister takes office at the end of the month.

Mexican cement company Cemex’s debt management continues to earn it strong pricing as its first dollar deal in three years landed inside even where some bankers on the trade were expecting.