Mexico

Axtel, the Mexican telecoms company, is meeting investors for a planned senior unsecured bond issue. Investors say the firm is almost unrecognisable from the one that carried out a distressed debt exchange in 2013.

Mexican baked goods company Grupo Bimbo and a Panamanian bank are ready to bring variety to Latin America’s bond market next week after meeting bond investors this week.

BBVA is shuffling several senior bankers in its global project finance team, after its global head of energy project finance departed to take up a role at ING Capital in New York.

Grupo Bimbo, the Mexico-headquartered baked goods group, will begin meeting fixed income investors on Wednesday ahead of what would be its first cross-border issuance in over three years.

Three of the first four Latin American dollar deals of the week were priced inside each borrower’s respective curve as syndicate bankers covering the region struggled to remember such an extended period of bond market strength.

Latin America DCM bankers saw Mexico’s latest bond issue priced with a negative new issue premium on Monday, though at one stage it looked like the deal could have come even further inside fair value as the $1.88bn sale was launched at the middle of the guidance range.

Mexican chemicals company Cydsa brought back memories to many market participants with a 10 year bond issue last week, but had to up its offer to investors to haul the $330m deal over the line.

Mexican chemicals company Mexichem earned praise from bankers for its bond execution and then showed that it is possible to price tightly and trade up.

EM bond investors showed no supply fatigue in Latin America on Wednesday as Mexican chemicals company Mexichem attracted a huge book on the way to its first bond issue since 2014, and paid little or no new issue premium for the privilege.

Two Mexican chemical companies wrapped up investor meetings on Tuesday and syndicate bankers away from the deals expect the resulting bond syndications to fly through the market even as recent deals underperform in secondary.

Two Mexican chemical manufacturers announced roadshows this week, with both Mexichem and Cydsa planning to wrap up meetings on September 26.

Mexican cement company Cemex and Chilean electricity name Colbún both launched tender offers of existing bonds this week, planning to buy back old notes with cash.