Braskem Idesa leads Lat Am down after Amlo comments

Amlo, Sonora, Mexico, Andres Manuel Lopez Obrador, president, LatAm
By Oliver West
27 Feb 2020

Mexican polyethylene producer Braskem Idesa’s 2029s were the worst performing bonds in emerging markets on Wednesday after the country's president Andrés Manuel López Obrador said he was analysing whether he could break a contract under which Pemex supplies the company with ethane.

Braskem Idesa’s BB-/BB rated $900m of 7.45% November 2029s slipped from cash price of around 107 to 103.25 in secondary markets on Wednesday — pushing the yield on the bond from 6.3% to 6.9%, according to MarketAxess.

As spreads on Latin American bonds widened amid fears over the spread ...

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