LatinFinance - March/April 2016 - 22
ROUNDTABLE
CAPITAL
MARKETS
An acute sense of timing and an ability to navigate dynamic markets
will be imperative for Latin American issuers in 2016. LatinFinance
convened a group of leading investors, issuers and intermediaries to
discuss strategies in New York in January. By Mariana Santibáñez
Window
watching
A
mid expectations of global volatility, uncertainty over
global interes rates and continued emerging market outflows, Latin
American borrowers will be heavily concentrated on finding windows
of opportunity for capital markets fundraising. These were among
several themes at a roundtable discussion that comprised leading investors, issuers and bankers in New York in January.
"We want to take the dollar out of the way early in the year given
that we see potential increase in interest costs," says Jorge Mendoza,
head of internal and external debt issuance at Mexico's ministry of
finance. "We see volatility arising from the Fed decisions, and we think
that a window in the dollar market is going to be much more limited
than in the other markets."
Mexico was one of Latin America's first sovereign borrowers to access dollar funding in 2016, pricing a $2.25 billion 2026 bond ahead of
anticipated market volatility. The Fed lifted the federal funds rate target
to between 0.25% to 0.5%, from 0% to 0.25% in December last year,
citing stronger employment figures. The Fed's median forecast interest
rate for 2016 is 1.375%, which would translate to four rate hikes by the
end of the year. An acumen for timing will be imperative for successful
issuers, panelists say.
A3/BBB+/BBB+ rated Mexico, which has been looking at alternative
currencies to dollars, had completed 80% of its 2016 financing plan
by March.
For B1/BB-/B+ rated Dominican Republic, developing its yield curve
through regular cross-border and local issuance is part of the sovereign's strategy to maintain a stable presence in the international and
local markets. Pricing of a benchmark dollar bond in January showed
22 L ATINFINA NCE.COM - March/April 2016
Jorge Mendoza, United Mexican States
investors still have appetite for higher
quality sub-investment grade paper as it
became the first Latin American high-yield
sovereign to successfully tap the dollar
markets in 2016. The Dominican Republic's
$1 billion 2026 note drew more than $2.5
billion in demand.
http://www.LATINFINANCE.COM
Table of Contents for the Digital Edition of LatinFinance - March/April 2016
Contents
LatinFinance - March/April 2016 - Cover1
LatinFinance - March/April 2016 - Cover2
LatinFinance - March/April 2016 - Contents
LatinFinance - March/April 2016 - 2
LatinFinance - March/April 2016 - 3
LatinFinance - March/April 2016 - 4
LatinFinance - March/April 2016 - 5
LatinFinance - March/April 2016 - 6
LatinFinance - March/April 2016 - 7
LatinFinance - March/April 2016 - 8
LatinFinance - March/April 2016 - 9
LatinFinance - March/April 2016 - 10
LatinFinance - March/April 2016 - 11
LatinFinance - March/April 2016 - 12
LatinFinance - March/April 2016 - 13
LatinFinance - March/April 2016 - 14
LatinFinance - March/April 2016 - 15
LatinFinance - March/April 2016 - 16
LatinFinance - March/April 2016 - 17
LatinFinance - March/April 2016 - 18
LatinFinance - March/April 2016 - 19
LatinFinance - March/April 2016 - 20
LatinFinance - March/April 2016 - 21
LatinFinance - March/April 2016 - 22
LatinFinance - March/April 2016 - 23
LatinFinance - March/April 2016 - 24
LatinFinance - March/April 2016 - 25
LatinFinance - March/April 2016 - 26
LatinFinance - March/April 2016 - 27
LatinFinance - March/April 2016 - 28
LatinFinance - March/April 2016 - 29
LatinFinance - March/April 2016 - 30
LatinFinance - March/April 2016 - 31
LatinFinance - March/April 2016 - 32
LatinFinance - March/April 2016 - 33
LatinFinance - March/April 2016 - 34
LatinFinance - March/April 2016 - 35
LatinFinance - March/April 2016 - 36
LatinFinance - March/April 2016 - 37
LatinFinance - March/April 2016 - 38
LatinFinance - March/April 2016 - 39
LatinFinance - March/April 2016 - 40
LatinFinance - March/April 2016 - 41
LatinFinance - March/April 2016 - 42
LatinFinance - March/April 2016 - 43
LatinFinance - March/April 2016 - 44
LatinFinance - March/April 2016 - 45
LatinFinance - March/April 2016 - 46
LatinFinance - March/April 2016 - 47
LatinFinance - March/April 2016 - 48
LatinFinance - March/April 2016 - 49
LatinFinance - March/April 2016 - 50
LatinFinance - March/April 2016 - 51
LatinFinance - March/April 2016 - 52
LatinFinance - March/April 2016 - 53
LatinFinance - March/April 2016 - 54
LatinFinance - March/April 2016 - 55
LatinFinance - March/April 2016 - 56
LatinFinance - March/April 2016 - 57
LatinFinance - March/April 2016 - 58
LatinFinance - March/April 2016 - 59
LatinFinance - March/April 2016 - 60
LatinFinance - March/April 2016 - 61
LatinFinance - March/April 2016 - 62
LatinFinance - March/April 2016 - 63
LatinFinance - March/April 2016 - 64
LatinFinance - March/April 2016 - Cover3
LatinFinance - March/April 2016 - Cover4
https://www.nxtbook.com/nxtbooks/latinfinance/0319QMR
https://www.nxtbook.com/nxtbooks/latinfinance/1218JYM
https://www.nxtbook.com/nxtbooks/latinfinance/paraguay_2018
https://www.nxtbook.com/nxtbooks/latinfinance/8320YTM
https://www.nxtbook.com/nxtbooks/latinfinance/8465TBM
https://www.nxtbook.com/nxtbooks/latinfinance/1476YBW
https://www.nxtbook.com/nxtbooks/latinfinance/7835THM
https://www.nxtbook.com/nxtbooks/latinfinance/8655TGL
https://www.nxtbook.com/nxtbooks/latinfinance/0614IJP
https://www.nxtbook.com/nxtbooks/latinfinance/ecuador_20170910
https://www.nxtbook.com/nxtbooks/latinfinance/2713KNP
https://www.nxtbook.com/nxtbooks/latinfinance/4982CFT
https://www.nxtbook.com/nxtbooks/latinfinance/7803HWE
https://www.nxtbook.com/nxtbooks/latinfinance/3829THA
https://www.nxtbook.com/nxtbooks/latinfinance/7891MDD
https://www.nxtbook.com/nxtbooks/latinfinance/7714JCR
https://www.nxtbook.com/nxtbooks/latinfinance/5619CMK
https://www.nxtbook.com/nxtbooks/latinfinance/6939ASL
https://www.nxtbook.com/nxtbooks/latinfinance/1364ASF
https://www.nxtbook.com/nxtbooks/latinfinance/0453DAS
https://www.nxtbook.com/nxtbooks/latinfinance/0453DAS_supp
https://www.nxtbook.com/nxtbooks/latinfinance/1304APV
https://www.nxtbook.com/nxtbooks/latinfinance/7234GSD
https://www.nxtbook.com/nxtbooks/latinfinance/1643XGS
https://www.nxtbook.com/nxtbooks/latinfinance/9511JKM_supp
https://www.nxtbook.com/nxtbooks/latinfinance/9511JKM
https://www.nxtbook.com/nxtbooks/latinfinance/8745TNV
https://www.nxtbook.com/nxtbooks/latinfinance/3629PBC
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC_HSBC
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC_supp
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC
https://www.nxtbook.com/nxtbooks/latinfinance/9463RVB
https://www.nxtbook.com/nxtbooks/latinfinance/7345GPY
https://www.nxtbook.com/nxtbooks/latinfinance/6398TVB
https://www.nxtbook.com/nxtbooks/latinfinance/4899EXM_supp
https://www.nxtbook.com/nxtbooks/latinfinance/4899EXM
https://www.nxtbook.com/nxtbooks/latinfinance/3885CWS
https://www.nxtbook.com/nxtbooks/latinfinance/45923GBC
https://www.nxtbook.com/nxtbooks/latinfinance/67449NBD
https://www.nxtbook.com/nxtbooks/latinfinance/46733NLP
https://www.nxtbook.com/nxtbooks/latinfinance/78456HCL
https://www.nxtbook.com/nxtbooks/latinfinance/89456RBM
https://www.nxtbook.com/nxtbooks/latinfinance/22278HBL
https://www.nxtbook.com/nxtbooks/latinfinance/2895YBM
https://www.nxtbook.com/nxtbooks/latinfinance/9033TBM
https://www.nxtbook.com/nxtbooks/latinfinance/8934TNP
https://www.nxtbook.com/nxtbooks/latinfinance/costarica20130304
https://www.nxtbook.com/nxtbooks/latinfinance/4672PNB
https://www.nxtbook.com/nxtbooks/latinfinance/9377BKL
https://www.nxtbook.com/nxtbooks/latinfinance/drmtest
https://www.nxtbook.com/nxtbooks/latinfinance/drmtest2
https://www.nxtbook.com/nxtbooks/latinfinance/5532LMC
https://www.nxtbook.com/nxtbooks/latinfinance/9044TBM
https://www.nxtbook.com/nxtbooks/latinfinance/4877RBC
https://www.nxtbook.com/nxtbooks/latinfinance/3008JHV
https://www.nxtbook.com/nxtbooks/latinfinance/3728YBC
https://www.nxtbook.com/nxtbooks/latinfinance/9337KLM
https://www.nxtbook.com/nxtbooks/latinfinance/5674GNJ
https://www.nxtbook.com/nxtbooks/latinfinance/8330KMC
https://www.nxtbook.com/nxtbooks/latinfinance/7663HCM
https://www.nxtbook.com/nxtbooks/latinfinance/2319ZMB
https://www.nxtbook.com/nxtbooks/latinfinance/7110MKL
https://www.nxtbook.com/nxtbooks/latinfinance/8599FHG
https://www.nxtbook.com/nxtbooks/latinfinance/4517HJK
https://www.nxtbook.com/nxtbooks/latinfinance/7813GHB
https://www.nxtbook.com/nxtbooks/latinfinance/1564FBM
https://www.nxtbook.com/nxtbooks/latinfinance/8884HGV
https://www.nxtbook.com/nxtbooks/latinfinance/7863SVB
https://www.nxtbook.com/nxtbooks/latinfinance/5233SFB
https://www.nxtbook.com/nxtbooks/latinfinance/5899SML
https://www.nxtbook.com/nxtbooks/latinfinance/4311PMN
https://www.nxtbook.com/nxtbooks/latinfinance/1366FBB
https://www.nxtbook.com/nxtbooks/latinfinance/9355AXC
https://www.nxtbook.com/nxtbooks/latinfinance/8559EBN
https://www.nxtbook.com/nxtbooks/latinfinance/8244QXC
https://www.nxtbook.com/nxtbooks/latinfinance/1779BBN
https://www.nxtbook.com/nxtbooks/latinfinance/7144XVB
https://www.nxtbook.com/nxtbooks/latinfinance/8971QGH
https://www.nxtbook.com/nxtbooks/latinfinance/200805
https://www.nxtbook.com/nxtbooks/latinfinance/200804
https://www.nxtbook.com/nxtbooks/latinfinance/200803
https://www.nxtbookmedia.com