Mexico

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.

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.

Mexican retailer Grupo Famsa has pushed out the early-bird deadline on a distressed debt exchange, saying it wants to give bondholders more time to analyse its proposal.

Mexican retailer Grupo Famsa is looking to gain some breathing room with an exchange to push out a looming bond maturity. Yet though Standard & Poor’s and Fitch both consider this a “distressed” deal, only Fitch is planning to cut the borrower’s rating to default.

The current system of globalisation with the United States at its centre looks set to crumble and be replaced by a new global system anchored around China, leading economists have told GlobalMarkets

Latin American debt capital markets bankers say that the continued absence of Mexican retail and beverages conglomerate Femsa in primary markets could indicate lower risk appetite among investors as the year comes to a close.

Mexican payroll lender Crédito Real brought Latin American high yield corporate issuance back to the European bond markets for the first time in five years last week, in a deal that fed euro buyers’ hunger for new names.