Caribbean
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Cancelling dollar tranche seen as ‘inelegant’ but investors say more peso debt is encouraging
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Caribbean issuer takes $560m of seven year money as credit story shows signs of turnaround
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Bondholder agreement a step in right direction but China agreement next hurdle
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Sean Newman returns to Atlanta for MD job
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Buying back debt cheaply does nothing for long-term debt sustainability nor bond market access
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Central bank measure credited with cutting spreads by increasing local demand
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GlobalCapital speaks to Barbados prime minister Mia Mottley, whose calls for the world to increase efforts to fight the climate crisis are intrinsically linked to sovereign debt
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Difficult markets are affecting liquidity, with next maturity in January 2024
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Bankers see Barbados’s debt for nature swap as the most efficient of its kind
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IDB-guaranteed facility will help fund tender offer for some of country’s international bonds
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Analysts say creditors likely to hold out for better terms
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Investors say multilateral guarantee gives little comfort
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Analysts divided on potential impact on the country’s curve
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LM should bring upgrade for Trinidadian state-owned oil company
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Proceeds from any new bond will be used for the tender offer on the parent company's 2026s
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Sovereign offers attractive pricing but observers praise size
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Caribbean sovereign has been expected in primary markets since January
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Suriname’s debt workout has the ingredients to be a fascinating case study for sovereign restructuring. GlobalCapital spoke exclusively to the two ministers leading creditor negotiations, Armand Achaibersing (l) and Albert Ramdin (r).
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Some 20 countries candidates for debt for conservation, says Credit Suisse sustainability chief
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Whenever an ESG debt capital markets transaction catches the attention of the mainstream press, it tends to put noses out of joint among those who did not participate.
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The Nature Conservancy will arrange financing that allows Belize to retire troublesome international bond
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The Dominican Republic is likely to return to bond markets shortly with a local currency deal, after launching a tender offer for old bonds that is contingent on a new issue. Citi and JP Morgan are managing the liability management exercise — their fourth consecutive mandate with the Caribbean sovereign.
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Four Latin America and Caribbean companies sold new issues in the dollar market at very tight looking levels on Thursday, as investors continue to feel pressure to put to cash to work amid extremely high liquidity.
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AES Dominicana, the Dominican power generation company that is 85% owned by AES Corp, began investor calls on Monday ahead of a proposed $300m bond that will mostly be used to fund a tender offer for bonds maturing in 2026.
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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.
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The Dominican Republic raised $2.5bn across two tranches amid an improving tone in EM bond markets on Wednesday, providing an encouraging sign to the several Latin American credits expected to price before the week is over.
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As year-end approaches and investors look for a breather, Latin America’s regular issuers usually spend December preparing for the traditional January funding round. But two of the region’s most prolific borrowers could not resist the historically low funding costs on offer this week, tapping existing bonds to buy back shorter-dated paper.
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The Dominican Republic refinanced the bulk of its 2021 bond maturities on Monday with a tap of its 12 year bonds that took international issuance from Latin American sovereigns to record annual volumes.
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The Commonwealth of the Bahamas raised $225m of 12 year money on Wednesday, taking advantage of a strong rally in its most recently issued bonds to tap markets 125bp inside where it did less than two months ago.
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The Dominican Republic is planning to take advantage of strong market conditions and tap its 2032 bonds to finance a buyback of four different dollar notes maturing between 2021 and 2025.
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Chilean copper mining company Antofagasta, the longest continuously listed company on the London Stock Exchange, clinched its first international bond on Thursday as Latin American bond markets continued their recovery from recent wobbles.
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The Commonwealth of the Bahamas set initial price thoughts on a new 12 year bond on Wednesday. The deal is set to test demand for riskier emerging market credit. Pricing is expected on Thursday.
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The Commonwealth of the Bahamas could tap bond markets later this week to fund budgetary spending, GlobalCapital understands.
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The Dominican Republic will begin virtual meetings with fixed income investors on Tuesday as it contemplates issuing in both dollars and pesos.
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The government of Bermuda turned to bond markets for the first time since November 2018 on Monday, raising $1.35bn of new notes to repay debt and fund fiscal spending including Covid-19 measures.
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Bermuda could issue a new bond in the coming days as it looks to fund the buy-back of up to $500m of debt.