Latin American companies have been lining up to tap the US bond market in search of cheap funds as interest rates have fallen to historic lows this year. Investors, hungry for yield, have been happy to oblige.
Companies domiciled in Brazil, Chile, Mexico and other countries in the region have sold $68bn of corporate bonds in US dollars so far this year – a record amount and up from $58bn in the whole of last year, according to Dealogic. The allure is clear.
The average yield on Latin American corporate debt sold in dollars stands at 4.3 per cent, the JPMorgan CEMBI Broad Index shows. By contrast, high-grade bonds sold by US companies yield 2.7 per cent on average, according to a Barclays index.
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