Americas
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Brazilian airline Gol Linhas Aéreas Inteligentes received just $13.46m of tenders for its outstanding 2022s after having launched a buy-back for all $91.533m. -
Investor hopes that the US Office of Foreign Assets Control (OFAC) would retract a ban on US persons buying PDVSA debt were dashed on Friday, when the department made the situation worse for bondholders by adding Venezuelan sovereign bonds to the trading ban.
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Brazilian pulp and paper producer Suzano and Chilean copper producer Codelco got Latin American bond markets going this week with smooth dollar deals.
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Brazilian lender BTG Pactual will hit the road next week as it looks to capitalise on improving investor sentiment around Brazil, in order to issue a 10 year non-call five Basel III compliant tier two note.
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Latin America bond investors cheered moves from the US government to up the pressure on Venezuelan president Nicolás Maduro to leave office this week, but a side-effect of sanctions left PDVSA creditors trapped, to the confusion of many. Oliver West reports.
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Bonds from two of the most important issuers in Latin America sank this week as they neared fallen angel status, but some investors said that there was a danger of overshooting.
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Ricardo Martínez, Ecuador’s finance minister, insisted a bond the sovereign issued on Monday was necessary, despite credit analysts saying the country cannot sustain issuing at high rates.
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Pacific Gas & Electric has gone bankrupt with $52bn of debt, blaming forest fires that seared California during 2018. Vale, with $11bn, has been downgraded to the bottom edge of investment grade after its horrific dam burst last Friday.
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While banks fight shy of big-ticket mergers, a select group of private equity firms are leading the restructuring of the industry in Europe, writes David Rothnie.
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Several public sector borrowers tapped the socially responsible investment (SRI) market this week, with more deals expected in February, before what many analysts expect will be a record year for the asset class.
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Harley Davidson made heavy weather of strong US bond market conditions on Thursday after a dovish Fed and a month-long rally in spreads appeared to set the dollar market up for a strong run of issuance in February.
