[LATAM CLOSE]: Week In Review

The LatAm new issue market closed out the week without any trades and without any additions to the pipeline, although this was simply the quiet conclusion to the busiest week since the first week of the year. Four deals (seven tranches) totaling $10.245bln brought February volume to a record $16.625bln, making February 2025 the most prolific February all-time. The last time Latam credits had combined to bring a monthly tally similar to what we have seen this month so far was back in 2012, when February’s total was $15.31bln.

The week kicked off with two very large sovereign deals: Brazil with a $2.5bln offering due in 2035 and the Dominican Republic with a USD/DOP three-tranche trade ($2bln, $1bln, and DOP 125bln/USD 1.995bln equivalent). Itau Unibanco Holding SA then brought FIGs into play with a $1bln offering due in 2030, and Raizen Fuels Finance closed out the week with a two-part, $1.75bln offering: a new note due in 2037 and a tap of the o/s 6.95% note due in 2054.

The new YTD total is $47.781bln, with 2025 volume now ahead of where 2024 was at this time last year – nearly $39bln. As 2024 was a year of recovery following two very lean issuance years, January 2025 was nearly head-to-head with January 2024 ($31.156bln vs. $31.184bln). It’s still extremely early in 2025, but if momentum remains as it has been, Latam may have an even stronger year than 2024.

LatAm Weekly New Issue Volume 2025 v 2024

WEEK OF	DEALS	Tranches	VOLUME	MTD	DEALS	VOLUME	YTD	DEALS	VOLUME
2/17/2025	4	7	$10.245B	FEB	11	$16.625B	'25	34	$47.781B
2/19/2024	2	4	$3.600B	FEB	8	$7.662B	'24	29	$38.846B

Monthly New Issue Volume 2025 vs 2024

YEAR	JANUARY	FEBRUARY	MARCH	1ST QUARTER	Cumulative
2025	23/$31.156B	11/$16.625B			34/$47.781B
2024	20/$31.184B	9/$9.162B	6/$3.547B	35/$43.893B	35/$43.893B
YEAR	APRIL	MAY	JUNE	2ND QUARTER	Cumulative
2025
2024	13/$8.373B	8/$6.526B	11/$11.730B	32/$26.629B	67/$70.522B
YEAR	JULY	AUGUST	SEPTEMBER	3RD QUARTER	Cumulative
2025
2024	8/$5.542B	2/$3.211B	19/$14.880B	29/$23.633B	96/$94.155B
YEAR	OCTOBER	NOVEMBER	DECEMBER	4TH QUARTER	Cumulative
2025
2024	15/$13.112B	5/$4.027B	6/$3.768B	26/$20.907B	122/$115.062B

LatAm YTD 2025 vs. 2024 Comparison:

	2025 YTD (USD equiv)	2024 YTD (USD equiv)	2024 (USD equiv)
Total Deals	$47.781	$38.846	$115.062
USD Deals	$39.650	$32.829	$96.452
EUR Deals	$4.281	$3.787	$5.506
SSA	$30.431	$24.687	$61.296
Corporate	$11.700	$11.387	$41.311
Financial	$5.650	$2.772	$12.455
IG Rated	$31.836	$29.347	$71.530
Junk Rated	$15.945	$9.499	$43.532
Short Term (Up to 5yr)	$11.155	$8.071	$20.505
Medium Term (6yr-9yr)	$9.381	$8.737	$28.330
Long Term (10yr-30yr)	$27.245	$20.788	$60.598
Very Long Term (30yr+)	$0.000	$1.250	$5.630
Argentina	$1.500	$0.800	$5.323
Brazil	$6.500	$7.199	$19.374
Chile	$4.861	$4.964	$18.096
Colombia	$0.550	$1.850	$9.940
Mexico	$15.920	$12.862	$22.909
Peru	$2.500	$1.108	$8.528
Other	$15.950	$10.063	$30.892

LatAm 2025 Sector Breakdown:

LatAm New Issue Rundown:

Industry Sector	2025 YTD (USD equiv bn)	2025 YTD %	Average Nic	Average Coverage
Oil and Gas	$1,500	3%	n.a.	n.a.
Electricity	$2,150	4%	n.a.	4
Sovereigns	$23,076	48%	2.857	2.996
Supranationals	$7,355	15%	0	4.033
Banks	$3,100	6%	n.a.	2.295
Financial Services	$2,550	5%	8.5	2.292
Real Estate	$0	0%	n.a.	n.a.
Retail	$0	0%	n.a.	n.a.
Manufacturing	$0	0%	n.a.	n.a.
Transportation	$1,650	3%	n.a.	7.077
Mining	$2,150	4%	n.a.	4.7
Construction & Materials	$0	0%	n.a.	n.a.
Travel & Leisure	$0	0%	n.a.	n.a.
Technology	$500	1%	n.a.	n.a.
Food & Beverage	$3,350	7%	-3.5	3.62
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	$400	1%	n.a.	n.a.
	$47,781

Date

Issuer

Rating

Size mm (USD equiv)

Coupon

Maturity

Leads

IPTs

Guidance

ReOffer Px

Book

X Covered

NIC

1/6/2025

United Mexican States

Baa2/BBB/BBB-

$2,000.00

6.00%

5/13/2030

BofA/GS/JPM (B&D)/Scotiabank/SMBC Nikko

T+210 area

T+170#

99.453

$8bln

1/6/2025

United Mexican States

Baa2/BBB/BBB-

$4,000.00

6.875%

5/13/2037

BofA/GS/JPM (B&D)/Scotiabank/SMBC Nikko

T+260 area

T+230#

99.594

$10bln

2.5

1/6/2025

United Mexican States

Baa2/BBB/BBB-

$2,500.00

7.375%

5/13/2055

BofA/GS/JPM (B&D)/Scotiabank/SMBC Nikko

T+290 area

T+255#

99.618

$12bln

4.8

1/6/2025

JBS USA LUX SA/JBS USA Food Co/JBS Luxembourg SARL

Baa3/BBB-/BBB-

$1,000.00

5.95%

4/20/2035

BB Securities/BBVA/BMO Capital Markets/Bradesco/BTG Pactual/Citi/Mizuho (10yr B&D)/RBC (30yr B&D)/Santander

T+165 area

T+135#

99.787

$3.9bln

3.8

-1

1/6/2025

JBS USA LUX SA/JBS USA Food Co/JBS Luxembourg SARL

Baa3/BBB-/BBB-

$750.00

6.375%

2/25/2055

BB Securities/BBVA/BMO Capital Markets/Bradesco/BTG Pactual/Citi/Mizuho (10yr B&D)/RBC (30yr B&D)/Santander

T+195 area

T+162.5#

98.541

$2.8bln

4.4

-6

1/7/2025

Republic of Chile

A2/A/A-

$1,600.00

5.65%

1/13/2037

BNP Paribas/Citi/HSBC/JPM (B&D)

T+137.5 area

T+105#

99.236

$3.6bln

2.25

1/7/2025

Republic of Chile

A2/A/A-

$1,761.00

5.95%

1/14/2032

BNP Paribas/Citi/HSBC/JPM (B&D)

Mid-Swaps +175 area

Mid-Swaps +150 area

99.661

EUR 4.75bln

2.79

-5

1/8/2025

Corporacion Nacional del Cobre de Chile (Codelco)

Baa1/BBB+

$750.00

6.33%

1/13/2035

BofA/Citi/JPM/Santander

T+195 area

T+170 area (+/-5)

99.963

$3bln

1/8/2025

Corporacion Nacional del Cobre de Chile (Codelco)

Baa1/BBB+

$750.00

6.78%

1/13/2055

BofA/Citi/JPM/Santander

T+215 area

T+190 area (+/-5)

99.962

$2.9bln

3.87

1/8/2025

YPF S.A.

NR/CCC/CCC

$1,100.00

8.25%

1/17/2034

DB/BBVA (B&D)/Itau BBA/Santander glocos/joint books, Latin Securities joint bookrunner

8.75% area

8.50%#

98.561

1/14/2025

Corporacion Andina de Fomento

Aa3/AA/AA-

$2,000.00

5.00%

1/22/2030

BofA/DB/JPM/Scotiabank

SOFR MS (S/A, 30/360) + 90 area (Currently equivalent to CT5 + 59bps)

SOFR MS+85 area for a benchmark USD deal

99.477

$13.6bln

6.8

1/14/2025

Banco Bradesco S.A

Ba1/NR/BB+

$750.00

6.50%

1/22/2030

Bradesco BBI/BofA/Citi/GS/JPM (B&D)/UBS

7.00% area

6.70%#

99.162

$1.8bln

2.4

1/16/2025

Central Bank of Economic Integration

Aa3/AA

$1,500.00

4.75%

1/23/2028

BofA/Barclays/BNP Paribas/CA CIB

SOFR MS+75 area

SOFR MS+70#

99.793

$3.7bln

4.93

1/16/2025

El Puerto de Liverpool, S.A.B. de C.V.

NR/BBB/BBB+

$500.00

6.255%

1/22/2032

BBVA/BofA/Santander/JPM (B&D)

T+210 area

T+175#

100

$1.8bln

3.6

1/16/2025

El Puerto de Liverpool, S.A.B. de C.V.

NR/BBB/BBB+

$500.00

6.658%

1/22/2037

BBVA/BofA/Santander/JPM (B&D)

T+240 area

T+205#

100

$1.4bln

2.8

1/16/2025

Trust 1401

Baa3/NR/BBB-

$500.00

7.70%

1/23/2032

BBVA/JPM (B&D) glocos/Alterna Securities/Citi/GS/Santander/Scotiabank

7.70%-7.80% (WPIR)

7.70%#

100

$1bln

1/16/2025

Trust 1401

Baa3/NR/BBB-

$300.00

8.25%

1/23/2037

BBVA/JPM (B&D) glocos/Alterna Securities/Citi/GS/Santander/Scotiabank

8.25% area

8.25%#

100

$650m

2.167

1/16/2025

Tecpetrol S.A.

B3/BB-

$400.00

7.625%

1/22/2033

Citi/Itau BBA/JPM/Santander

High 7%s

100

1/22/2025

Usiminas International S.a. r.l.

Ba2/BB

$500.00

7.50%

1/27/2032

Citi/GS (B&D/Itau BBA/JPM/Santander/JPM/UBS glocos/BofA/Bradesco Bbi joint bookrunners

Low 8%s

7.875% area (+/- 12.5)

98.669

1/23/2025

Arcos Dorados B.V.

Ba1/NR/BBB-

$600.00

6.375%

1/29/2032

BBVA/Citi (B&D)/Itau BBA/Santander; co-mgr: Balanz

High 6% area

6.50% area (+/-5bp)

99.583

$2.1bln

3.5

1/23/2025

Corporacion Andina de Fomento

Aa3/AA/AA-

$925.00

4.875%

1/30/2030

Barclays/BMO/HSBC/Nomura

SONIA m/s+95 area

SONIA m/s+94 area

99.571

GBP2.2bln

2.93

1/27/2025

Kallpa Generacion S.A.

Baa3/NR/BBB-

$350.00

5.875%

1/30/2032

DB/JPM/Santander (B&D)

T+200 area

T+170 area (+/-5bp)

$2bln

1/27/2025

Banco Internacional del Peru S.A.A. – Interbank

Baa3/BB+

$500.00

6.397%

4/30/2035

GS/JPM/Santander

High 6%s

6.45% area (+/-5bp)

$800m

2.29

1/27/2025

United Mexican States

Baa2/BBB/BBB-

$1,470.00

4.625%

5/4/2033

BNP Paribas/CA CIB/DB/HSBC (B&D)/Societe Generale

MS+255 area

MS+135 area

$8bln

1/27/2025

United Mexican States

Baa2/BBB/BBB-

$1,050.00

5.125%

5/4/2037

BNP Paribas/CA CIB/DB/HSBC (B&D)/Societe Generale

MS+290 area

MS+270 area

$10bln

2.5

1/28/2025

GeoPark Limited

NR//B+/B+

$550.00

8.75%

1/31/2030

DB/BTG Pactual/JPM (B&D)

9% area

8.875% area (+/-12.5bp)

100

1/28/2025

ATP Tower Holdings, LLC

Ba3/BB-

$500.00

7.875%

2/3/2030

GS (B&D)/JPM glocos, DB/Scotiabank; co-mgr: PJT Partners

Low 8%s

8.00% (+/-12.5bp)

100

1/28/2025

Ambipar Lux S.a. r.l.

NR/BB-/BB-

$400.00

10.875%

2/5/2033

BofA (B&D)/Bradesco BBI/UBS

11% area

10.875%#

100

1/30/2025

Compania de Minas Buenaventura S.A.A.

NR/BB-/BB

$650.00

6.80%

2/4/2032

BTG/JPM

Mid-7%s

98.367

1/30/2025

Avianca Midco 2

B2/NR/BB

$1,000.00

9.625%

2/14/2030

DB (B&D)/Citi/JPM glocos, Barclays/CA CIB/GS/MS

Low 10% area

10% area (+/-12.5bp)

99.032

2/4/2025

Saavi Energia

Ba2/NR/BB-

$1,100.00

8.875%

2/10/2035

JPM (B&D)/Mizuho/Scotiabank/SMBC Nikko glocos, BNP Paribas/Citi/GS joint bookrunners

Low 9%s

99.187

2/5/2025

Minera Mexico, S.A. de C.V.

Baa1/BBB+/BBB+

$1,000.00

5.625%

2/12/2032

BofA (gloco)/Barclays/MS/Santander

T+175 area

T+140#

99.384

$4.7bln

4.7

2/5/2025

BBVA Mexico, S.A.

Baa2/NR/BB

$1,000.00

7.625%

2/12/2035

BBVA/BofA/CA CIB/JPM (B&D)

Very low 8%s

7.75% (+/-12.5bp)

100

$2.2bln

2.2

2/6/2025

Embraer Netherlands Finance B.V.

Baa3/BBB-/BBB-

$650.00

5.98%

2/11/2035

Citi (B&D)/GS/JPM/MS/PNC glocos, BofA/Bradesco BBi/CA CIB/Santander joint bookrunners

T+190 area

T+160 area (+/-2bp)

99.688

$4.6bln

7.08

2/6/2025

Oriental Republic of Uruguay

Baa1/BBB+/BBB

$1,200.00

5.442%

2/14/2037

BBVA/Citi/JPM(B&D)

T+135 area

T+105 area (+/-5bp)

100

2/10/2025

Central American Bank for Economic Integration

Aa3/AA

$930.00

4.625%

2/14/2028

Barclays/BofA/BNP Paribas

SONIA m/s+85 area; revised: SONIA m/s+80 area

99.907

GBP3.1bln

4.133333333

2/11/2025

Port of Spain Waterfront Development Limited

Ba2/NR/BB

$500.00

7.880%

2/29/2040

Scotiabank

Low 8%

8%#

99.338

2/18/2025

Federative Republic of Brazil

Ba1/BB/BB

$2,500.00

6.625%

3/15/2035

Bradesco BBI/JPM/MS

7.05% area

6.75%#

99.091

$2.8bln

1.12

2/18/2025

Dominican Republic

Ba3/BB/BB-

$2,000.00

6.95%

3/15/2037

Citi/JPM

Low 7%s

6.95%#

99.993

2/18/2025

Dominican Republic

Ba3/BB/BB-

$1,000.00

7.150%

2/24/2055

Citi/JPM

Mid 7%s

7.15%#

100

2/18/2025

Dominican Republic

Ba3/BB/BB-

$1,995.00

10.50%

3/15/2037

Citi/JPM

10.75% area

10.50%#

99.983

2/20/2025

Itau Unibanco Holding SA

Ba2/NR/BB+

$1,000.00

6.00%

2/27/2030

Itau BBA/BofA/Citi/JPM/UBS

6.35% area

6.05% area (+/-5bp)

100

2/20/2025

Raizan Fuels Finance

NR/BBB/BBB

$1,000.00

6.70%

2/25/2037

BofA/BNP/CA CIB/Citi/Itau BBA/MS(B&D)/Santander/SMBC Nikko

T+255 area

T+225#

99.585

$2.6bln

2.6

2/20/2025

Raizan Fuels Finance

NR/BBB/BBB

$750.00

6.95%

3/5/2054

BofA/BNP/CA CIB/Citi/Itau BBA/MS(B&D)/Santander/SMBC Nikko

T+275 area

T+250#

96.347

$1.8bln

2.4

$47,781.00

WEEKLY PRICING RUNDOWN

FEDERATIVE REPUBLIC OF BRAZIL (Trade Date: February 18, 2025)$2.5bn Federative Republic of Brazil (BRAZIL) SEC registered 10y NCL senior note. 03/15/2035 maturity date. mwc. Ba1/BB/BB. via Bookrunners: Bradesco BBI / JPM / MS. UoP: reapyment of outstanding debt. Denoms: 200k x 1k. IPT: 7.05% area. GUIDANCE: 6.75% #. LAUNCH: $2.5bn at 6.75%. PRICED: 6.75%, +220. mwc+35. cusip: 105756CL2. ISIN: US105756CL22. s/d 02/25 (t+5).

IPT	GUIDANCE	LAUNCH	PRICED
7.05% area	6.75% #	$2.5bn at 6.75%	$2.5bn 6.625% 03/15/2035 $99.091 6.75% +220 mw+35

Books:

$2.8bln

DOMINICAN REPUBLIC (Trade Date: February 18, 2025)
$2bn, $1bn, DOP125m Dominican Republic (DOMREP) 144a/Reg S USD 12y & 30y, DOP 12y senior note 3-part. Ba3/BB/BB-. Via Citi / JPM. UoP: general budgetary purposes of the government, and refinancing of existing indebtedness. Denoms: USD 150k x 1k w/ MWC's. DOP 8m x 50m. s/d 02/24 (t+4).

USD2bn 12yr fixed 03/15/2037 mat. IPT: low 7.00%s. mwc. 3mth par call. 6.95% #. LAUNCH at 6.95%. 144a cusip: 25714PFB9 / ISIN: US25714PFB94. Reg S ISIN: USP3579ECW59.

USD1bn 30yr fixed 02/24/2055 mat. IPT: mid 7.00%s. mwc 6mth par call. 7.15% #. LAUNCH at 7.15%. 144a cusip: 25714PFC7 / ISIN: US25714PFC77. Reg S ISIN: USP3579ECX33.

DOP125bn 12yr fixed. 03/15/2037 mat. IPT: 10.75% area. mwc. 3mth par call. 10.50% #. LAUNCH at 10.50%. 144a cusip: 25714PFD5 / ISIN: US25714PFD50. Reg S ISIN: USP3579ECY16.

IPTs	GUIDANCE	LAUNCH	PRICED t/d 02/18
USD12y low 7%s USD30y mid7s% DOP 12y 10.75% area	USD 12y at 6.95% # USD 30y at 7.15% # DOP 12y at 10.50% #.	USD2bn 12y at 6.95% USD1bn 30y at 7.15% DOP125m 12y at 10.50%	USD2bn 6.95% 03/15/2037 $99.993 6.95% USD1bn 7.15% 02/24/2055 $100.00 7.15% DOP125bn 10.50% 03/15/2037 $99.983 10.50%

ITAU UNIBANCO HOLDING SA, ACTING THROUGH ITS GRAND CAYMAN BRANCH (Trade Date: February 20, 2025)
$1bn Itau Unibanco Holding SA, acting through its Grand Caymen Branch (ITAU) 144a/Reg S 5y NCL senior unsecured note. 02/27/2030 mat. mwc. 1mth par call. Ba2/__/BB+. (Moody's/Fitch). via Bookrunners: ITAU BBA / BofA / Citi / JPM / UBS. UoP: general corporate purposes. Denoms: 200k x 1k. 144a cusip: 46556V2A91. ISIN: US46556V2A91. Reg S cusip: 46556W2E9. ISIN: W46556W2E95. Biz: retail and commercial banking, financial services. Hq'd in Sao Paulo, BR. IPT: 6.35% area. 144a cusip: 46556V2A9. ISIN: US46556V2A91. Reg S ISIN: 46556W2E95. s/d 02/27 (t+5).

IPT	GUIDANCE	LAUNCH	PRICED
6.35% area	6.05% area (+/- 5).	$1bn at 6.00%	$1bn 6.00% 02/27/2030 $100.00 6.00% mw+15

RAIZEN FUELS FINANCE SA (Trade Date: February 20, 2025)

$1bn & $750m Raizen Fuels Finance SA (RAIBZ) 144a/Reg S 2-pt (12yr (2/25/37) & 6.95% 3/5/2054 tap) senior unsecured "green" bonds. NR/BBB/BBB. BofA/BNP/CA/CITI/ITAU/MS(B&D)/SANT/SMBC. UOP: repay existing indebtedness, including through the repurchase of Raízen’s outstanding 5.300% 2027 notes pursuant to the concurrent tender offer, subject to the terms and conditions thereof, and for general corporate purposes. Raízen intends to allocate an amount equal to the net proceeds of the 2054 Green Notes Reopening for expenditures and investments in one or more Eligible Assets and Projects as described in its Green Financing Framework. Guarantor: Raizen SA and Raizen Energia. MWC. Par call 3mos (12yr), 6mos (tap) prior to mat. Denoms: 200k x 1k. CUSIP: (144a) 75102XAE6. ISINs: (144a) US75102XAE67. (Reg S) USL7909CAG26. CUSIP: (144a) 75102XAC0. ISINs: (144a) US75102XAC02. (Reg S) USL7909CAH09. pricing today. s/d 02/25 (t+3).

IPTs	GUIDANCE	LAUNCH	PRICED
+255 area	12y at +225#	$1bn 2y at +225	$1bn 6.70% 02/25/2037 $99.585 6.751% +225 mw+35
+275 area	6.95% 2054 at 250#	$750m 6.95% 2054 at +250	$750m 6.95% 03/05/2054 $96.347 7.253% +250 mw+40

Books:	$2.6bln	$1.8bln
NICs:	6	11

LATAM PIPELINE

There are no mandates at this time.

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