Mexico

Fitch took swift action on Wednesday Mexico’s rating after incoming president Andrés Manuel López Obrador (Amlo) cancelled the capital city’s proposed new airport, placing it on negative outlook.

Bondholders in Mexico City’s proposed new airport were left speculating how Andrés Manuel López Obrador (Amlo), the country's president-elect, planned to return their money on Monday after the said he would cancel the project.

GE Capital’s former Mexican equipment finance business, known as Engenium Capital, is set to give Latin American debt markets a new test with a proposed subordinated perpetual bond offering.

Three Latin American companies managed to raise dollar bonds on Thursday in the face of challenging market conditions, but of the five that completed roadshows on Wednesday, one was left evaluating feedback, having announced guidance, and the other had not appeared.

Mexican state oil company Pemex returned to bond markets on Tuesday after weeks of speculation to find a wide open market and easily clinch a $2bn long 10 year broadly praised by bankers.

A long-awaited dollar deal from Mexican state oil giant Pemex gave proof that there was plenty of liquidity in Latin American bond markets as the borrower squeezed pricing on the back of a hefty book after putting out juicy price talk.

Mexican home appliances company Controladora Mabe will look to raise up to $370m of senior notes as three companies from Latin America look to international bond investors despite a soft market tone.

Mexican home appliances company Controladora Mabe is looking to buy back bonds due next year as Latin American companies continue to focus on liability management.

Top investment-grade names from Latin America could find a strong reception if they dare to approach primary bond markets, said bankers, after one of the best rated corporates in the region filed a debt shelf with the SEC.

Cobre del Mayo, which operates the third largest copper mine in Mexico, is looking to use a bank loan to buy back debt at deeply depressed prices in attempt to cut its debt burden.

The Mexican arm of Spanish lender Santander wrapped up a buyback of subordinated tier two debt on Thursday as DCM bankers said they expected cross-border issuance from the country to remain muted.

The Mexican arm of Spanish lender Santander sold $1.3bn of new tier two bonds on Thursday, with the parent company taking 75% of the deal as it looked to extend the maturity of its tier two capital.