Top news
The promised flood of primary issuances turned into a gush, potentially because of the surge in US Treasury yields late in the week. But higher yields notwithstanding, some issuers are committed to prefunding their 2027 needs before election-related volatility closes their window, or a negative rating action on their country’s sovereign debt affects them.
Argentine CFOs said as much late last week, while Mexican corporate issuers fretted about a potential downgrade — particularly with the 2027 Mexican federal budget the Finance Ministry sent to Congress this week goes back on earlier promises to cut the deficit to 3.1%, and no word yet on whether rating agencies will be patient once again.
The ministry plans to set aside around $4.78bn for Pemex next year to pay bond maturities. But $8.9bn comes due in 2028, and sources said the state-owned oil operator might need help sooner rather than later on that front. The sovereign should refinance around half of that starting next year, given how brief the market access windows have become.
Following CSN’s announcement last week that CEO Benjamin Steinbruch would move to the chair role, and be succeeded by former Vale executive Fabio Schvartsman, the Brazilian steelmaker’s...
