Mexico

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The sterling corporate bond market took until Wednesday to join the issuance frenzy the euro market had enjoyed in the first half of the week, but three deals in two days reminded issuers and investors that it is still an option to be considered into the end of 2017.

On Thursday, the sterling corporate bond market reminded participants it was still going strong after the euro market had dominated the first half of the week. Petroleos Mexicanos, also known as Pemex, and Western Power Distribution followed the success of Wednesday’s deal from Manchester Airport.

The world’s largest bread maker, Grupo Bimbo, returned to bond markets on Tuesday after a three year absence. Its 30 year bond was sold mainly to US investment grade buyers, despite the issuer’s Mexican nationality.

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.