Mexico

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.

Mexican cement company Cemex will look to buy back as much of its 9.375% senior secured 2022s as possible after announcing a tender offer for the bonds.

Mexico chemicals company Mexichem is planning a return to international bond markets, according to syndicate bankers, as part of its acquisition of Israel drip irrigation firm Netafim.

A special purpose vehicle backing the construction of Mexico City’s new airport was the highlight in a hectic week for Lat Am new issues, with 10 borrowers pricing nearly $8bn of deals in the space of four days.

Five Latin American borrowers sold dollar-denominated bonds on Wednesday, bringing the total number of issuers from the region this week to nine, with mobile and cable company Millicom first out the blocks.

EM specialist firm Exotix has hired a well-known corporate credit analyst to lead its coverage of Latin American companies from New York.

Two Latin American companies announced roadshows this week as the new issue markets finally gave an indication that banker predictions of a hectic September could come true.

Mexican broadcaster TV Azteca told bondholders on Friday that it would call some of its 7.625% dollar bonds due 2020, using proceeds from its recent debt issuance to do so.

Mexican broadcaster TV Azteca achieved impressive size and pricing and a strong secondary market performance when it sold its first bond in four years this week, brushing off investor concerns about its history and potential low liquidity.