The LatAm new issue market closed out the first week of February on a quiet note.
As is usually the case with LatAm borrowers when it comes to Friday, no LatAm credit thought of emulating Barings Private Credit Corp. and Huntington Bancshares Inc/OH, which came to market over in U.S. Investment Grade last Friday and on January 23 respectively.
Today has proven to be a quiet session in bond markets; LatAm, IG, an HY credits all have decided not to sell new paper today, against a market backdrop which has seen U.S. equities advance sharply; as of the time this column was going to press, the DJIA was in record territory, over 1,000 points higher vs. yesterday's close, above 49,960. The S&P was more than +110 at 6,914.79. Dip buying lifted stocks during the session, while software shares figuring prominently in today's advance.
Economic data today saw U. of Michigan sentiment for this month at 57.3 vs. 55.0 f/c, while Current Conditions punched in at 58.3 vs. 53.7 and Expectations at 56.6 vs. 55.1 Inflation was seen at 3.5% for 1yr vs. 4.0% f/c and at 3.4% vs. 3.3% f/c for 5-10yrs.
Momentum in February has seen a notable drop from the record-setting January tally, as three trades joined up for $800m this week. With markets now a mere week away from the month's halfway mark and a long holiday, it remains to be seen whether February numbers will remain modest or whether LatAm borrowers will come to market with greater frequency next week.
LatAm Weekly New Issue Volume 2026 v 2025
| WEEK OF | DEALS | Tranches | VOLUME | MTD | DEALS | VOLUME | YTD | DEALS | VOLUME |
| 2/6/2026 | 3 | 3 | $0.800B | FEB | 3 | $00.800B | '26 | 35 | $49.979B |
| 2/7/2025 | 5 | 5 | $4.950B | FEB | 5 | $04.950B | '25 | 28 | $36.016B |
Monthly New Issue Volume 2026 vs 2025
YEAR | JANUARY | FEBRUARY | MARCH | 1ST QUARTER | Cumulative |
| 2026 | 32/$49.179B | 3/$0.800B | 35/$49.979B | ||
| 2025 | 23/$31.156B | 15/$18.962B | 4/$1.362B | 42/$51.480B | 42/$51.480B |
YEAR | APRIL | MAY | JUNE | 2ND QUARTER | Cumulative |
| 2026 | |||||
| 2025 | 9/$8.665B | 11/$5.979B | 27/$30.652B | 47/$45.296B | 89/$96.776B |
YEAR | JULY | AUGUST | SEPTEMBER | 3RD QUARTER | Cumulative |
| 2026 | |||||
| 2025 | 13/$17.834B | 2/$2.747B | 24/$32.422B | 39/$54.003B | 128/$150.779B |
YEAR | OCTOBER | NOVEMBER | DECEMBER | 4TH QUARTER | Cumulative |
| 2026 | |||||
| 2025 | 13/$10.329B | 17/$11.437B | 4/$2.130B | 34/$23.896B | 162/$174.675B |
Latam YTD 2026 vs. 2025 Comparison:
| 2026 YTD (USD equiv) | 2025 YTD (USD equiv) | 2025 (USD equiv) | |
| Total Deals | $49.979 | $36.016 | $174.674 |
| USD Deals | $38.650 | $30.900 | $140.475 |
| EUR Deals | $9.030 | $4.281 | $21.283 |
| SSA | $35.804 | $21.506 | $104.774 |
| Corporate | $7.800 | $11.700 | $54.267 |
| Financial | $6.375 | $2.900 | $15.633 |
| IG Rated | $36.879 | $25.306 | $116.556 |
| Junk Rated | $13.100 | $5.850 | $58.118 |
| Short Term (Up to 5yr) | $16.188 | $9.225 | $44.085 |
| Medium Term (6yr-9yr) | $11.565 | $9.381 | $47.603 |
| Long Term (10yr-30yr) | $22.226 | $17.500 | $78.436 |
| Very Long Term (30yr+) | $0.000 | $0.000 | $4.550 |
| Argentina | $2.725 | $1.500 | $12.276 |
| Brazil | $3.375 | $3.000 | $24.350 |
| Chile | $6.829 | $4.861 | $12.141 |
| Colombia | $4.950 | $0.550 | $16.707 |
| Mexico | $17.026 | $15.920 | $54.249 |
| Peru | $0.900 | $2.500 | $14.516 |
| Other | $14.174 | $7.775 | $40.435 |
LatAm 2025 Sector Breakdown:
| Industry Sector | 2025 YTD (USD equiv bn) | 2025 YTD % | Average Nic | Average Coverage |
| Oil and Gas | $1,075 | 2% | n.a. | n.a. |
| Electricity | $1,500 | 3% | 2.5 | 6.925 |
| Sovereigns | $29,630 | 59% | 7.875 | 3.800 |
| Supranationals | $6,174 | 12% | n.a. | 5.475 |
| Banks | $3,775 | 8% | -5 | 2.193 |
| Financial Services | $2,600 | 5% | 1 | 3.8 |
| Real Estate | $0 | 0% | n.a. | n.a. |
| Retail | $0 | 0% | n.a. | n.a. |
| Manufacturing | $1,100 | 2% | n.a. | 6.167 |
| Transportation | $1,375 | 3% | n.a. | n.a. |
| Mining | $1,650 | 3% | -2 | 4.925 |
| Construction & Materials | $0 | 0% | n.a. | n.a. |
| Travel & Leisure | $0 | 0% | n.a. | n.a. |
| Technology | $600 | 1% | n.a. | 2.833 |
| Food & Beverage | $500 | 1% | 3 | 2.4 |
| Forestry & Paper | $0 | 0% | n.a. | n.a. |
| Housing | $0 | 0% | n.a. | n.a. |
| Automobiles & Parts | $0 | 0% | n.a. | n.a. |
| Media | $0 | 0% | n.a. | n.a. |
| Personal & Household Goods | $0 | 0% | n.a. | n.a. |
| Chemicals | $0 | 0% | n.a. | n.a. |
| Hospitals | $0 | 0% | n.a. | n.a. |
| Water | $0 | 0% | n.a. | n.a. |
| Agriculture | $0 | 0% | n.a. | n.a. |
| Waste Management | $0 | 0% | n.a. | n.a. |
| $49,979 |
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