LatAm debt mostly softer in light volume; Pemex bonds lower; four LatAm deals on the road

By Rebecca Melvin

New York, May 1 – Latin America debt was somewhat softer in light volume on Tuesday as a number of new-deal roadshows were underway and financial markets in Europe and parts of Latin America were closed for the May 1 labor holiday.

Longer-dated paper was bearing the brunt of weakness compared to shorter-dated maturities, a New York-based market source observed.

Petroleos Mexicanos SAB de CV bonds were lower in active trade. The Pemex 5 5/8% notes due 2046 slipped to an 84 handle, trading last at 84.3, down from 85.2 on Monday, according to Trace data. The Pemex 6¾% notes due 2047 were last 95.9, which was down from 96.7 on Monday.

The longer-dated Pemex bonds widened out by about 20 basis points, the market source said, adding that the longer-dated maturities seemed to be playing catch up with the shorter end of the curve, which had already moved.

On the primary side, Telecom Argentina SA’s dollar-denominated notes were being marketed in New York and Boston on Tuesday and roadshowing through Wednesday. Peru’s Camposol SA dollar notes were also roadshowing through Wednesday, while wrapping up on Tuesday were roadshow meetings regarding Paraguay’s Banco Regional SA’s up to $300 million of up to seven-year notes and Petroquimica Comodoro Rivadavia SA’s dollar intermediate-term notes.

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