LatinFinance - September/October 2017 - 4
#Bonds
Market
highlights
DEBT INVESTORS LAP
UP RARE OFFERINGS IN
HUNT FOR YIELD
Peter Agra
Reporter
"Never say never, but I do
not see any on the radar"
Sean Newman, a senior fixed-income
portfolio manager at Invesco, talking
about more bond sales from
Argentine provinces
NO
SUMMER
LULL
Cross-border bond sales
from Latin American issuers
44 LLATINFINA
2017
AT I N F I N ANCE.COM
N C E . C O M -- September/October
September/October 2017
4 L ATINFINA NCE.COM - September/October 2017
Fixed income investors have
latched on to high-yield deals
from sovereign and corporate
issuers in the past couple of
months as they seek strong
returns from their Latin
American allocations.
Jamaica hit the market and
added $869 million to its
6.75% 2028s and its 7.875%
2045s. The country reserved
the fresh funds to buy back
eight series of outstanding
bonds but it received a tepid
response to the tender offer,
with investors preferring to
hold on to juicier coupons.
Peru attracted investors with
a global bond in soles,
maintaining its focus on local
currency borrowing. The
$3.08 billion 2032 instrument
pays 6.15%, a handsome
$17.7bn
July/August 2016
return for investors but also a
good deal for the borrower.
Peru has said it plans to
reduce its foreign exchange
risk with proceeds from the
issue by prepaying debt
denominated in other
currencies.
Among corporate borrowers,
investors welcomed the debut
issuer Inversiones Atlántida,
which had postponed its
cross-border plans last year.
Atlántida, the largest
financial group in Honduras,
sold a $150-million 8.25%
2022 non-call three year bond.
Peru's Cerro de Águila made a
surprise return in August,
when it sold a $650 million
4.125% 10-year bond to
refinance debt.
$21bn
July/August 2017
http://www.LATINFINANCE.COM
http://www.LATINFINANCE.COM
Table of Contents for the Digital Edition of LatinFinance - September/October 2017
Contents
LatinFinance - September/October 2017 - Cover1
LatinFinance - September/October 2017 - Cover2
LatinFinance - September/October 2017 - Contents
LatinFinance - September/October 2017 - 2
LatinFinance - September/October 2017 - 3
LatinFinance - September/October 2017 - 4
LatinFinance - September/October 2017 - 5
LatinFinance - September/October 2017 - 6
LatinFinance - September/October 2017 - 7
LatinFinance - September/October 2017 - 8
LatinFinance - September/October 2017 - 9
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LatinFinance - September/October 2017 - 11
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LatinFinance - September/October 2017 - 17
LatinFinance - September/October 2017 - 18
LatinFinance - September/October 2017 - 19
LatinFinance - September/October 2017 - 20
LatinFinance - September/October 2017 - 21
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LatinFinance - September/October 2017 - Cover3
LatinFinance - September/October 2017 - Cover4
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