LatinFinance - January/February 2018 - 3

#Bonds

Market
highlights
LATAM ISSUERS CLOSE
A RECORD-SETTING
YEAR
Peter Agra
Reporter

"It's going to be similar to
2017, or maybe a mix
between 2017 and 2016"
Lisandro Miguens, the head of Latin
America debt capital markets at JP
Morgan, discusses the outlook for the
bond market this year

Latin American issuers set a new
record in the cross-border bond
market in 2017 and passed the
$140-billion bar set in 2014. And
unlike previous years, issuers
kept coming to the market
through the end of 2017, looking
to take advantage of favorable
conditions to improve their debt
profiles and raise funds for 2018.

Other corporate issuers from
Latin America went farther
afield to raise funds before the
end of the year. Mexico's
state-owned energy company
Pemex sold £450 million ($610
million) in 2025 notes at 3.75%,
while cement maker Cemex
printed €650 million ($785
million) in 2.75% 2024 notes.

Brazil's Gol returned after a long
absence. The airline raised $500
million in fresh debt from the
sale of 2025 notes at 7% and put
aside the proceeds to buy back
its 8.875% 2022 bonds. Cemig, a
utility company owned by the
Minas Gerais state government,
got $1 billion from the sale of
2024 bonds at 9.5%, six months
after axing a planned
cross-border issue because
investors questioned the
company's financials.

Among sovereign issuers,
Argentina went to the
euro-denominated bond market
in the fourth quarter last year,
printing €2.75 billion in a
three-part deal, with 2023 notes
going for 3.375%, 2028s going
for 5.25% and 2047s for 6.25%.
YPF, the state-owned energy
company in Argentina, took the
opportunity to add $250 million
to its 6.95% 2027 notes and issue
$750 million in new 30-year
bonds.

NEW HIGH
LatAm bond sales set a new
record in 2017

$140bn
2014

3 L AT I N F I N A N C E . C O M - January/February 2017

$145bn
2018

January/February 2018 - L ATINFINA NCE.COM 3



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Table of Contents for the Digital Edition of LatinFinance - January/February 2018

Contents
LatinFinance - January/February 2018 - Cover1
LatinFinance - January/February 2018 - Cover2
LatinFinance - January/February 2018 - Contents
LatinFinance - January/February 2018 - 2
LatinFinance - January/February 2018 - 3
LatinFinance - January/February 2018 - 4
LatinFinance - January/February 2018 - 5
LatinFinance - January/February 2018 - 6
LatinFinance - January/February 2018 - 7
LatinFinance - January/February 2018 - 8
LatinFinance - January/February 2018 - 9
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LatinFinance - January/February 2018 - Cover3
LatinFinance - January/February 2018 - Cover4
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