Americas

Suriname asked bondholders for more time to reach a crucial agreement with the IMF on Wednesday evening, requesting investors extend a previously agreed holiday on all bond payments.

Moody’s became the third rating agency in four months to downgrade Panama’s sovereign rating, cutting the borrower from Baa1 to Baa2 on Wednesday afternoon on the back of an “unusually large” erosion of the country’s fiscal strength during the coronavirus pandemic.

Verizon Communications, the US telecoms group, embarked on an almost $3bn niche currency bond issuing spree this week, which included the largest foreign Swiss franc bond since early 2018.

More US companies are rushing to take advantage of rising share prices by issuing convertible bonds, including Ford Motor Co, which is bringing a giant $2bn deal.

Chinese video sharing and gaming platform Bilibili is set to launch its Hong Kong secondary offering this week, after winning listing approval from the city’s bourse.

Bond bankers say new issuance from Latin America is unlikely to pick up until after Easter, even though they believe the technical dynamics in the market remain favourable for issuers.

Aberdeen Standard Investments, the asset manager with over £450bn ($625m) of assets under management, has hired an emerging markets economist from research firm Capital Economics.

Smart Share Global is drumming up interest in its Nasdaq IPO, which is expected to hit the market in late March, according to a source close to the trade.

Minerva and Marfrig, the Brazilian meatpacking rivals, said on Monday that they would prepay dollar bonds as part of continued efforts to reduce leverage.

The International Monetary Fund said in the concluding statement of last week’s Article IV mission to Belize that the government needs to restructure its debts to restore public debt sustainability, leaving bondholders bracing for a fifth credit event since 2007.

Fitch downgraded Mexican broadcaster TV Azteca from C to restricted default (RD) on Friday after the 30 day grace period expired on a missed coupon payment. The rating agency is forecasting recoveries for bondholders in the 31%-50% range.

China’s Tuya, an internet-of-things cloud platform provider, has kicked off the roadshow for its US listing. It is aiming to raise up to $871.8m.