Caribbean

A group of Barbados' creditors on Wednesday welcomed the government’s launch of an exchange that could see the island nation wrap up an 18 month debt restructuring process.

Barbados prime minister Mia Mottley said she hoped more nations vulnerable to climate change would take steps to make their debt more resilient, after the Caribbean nation included a “natural disaster” clause in a restructuring agreement with international bondholders.

The prime minister of Barbados told GlobalCapital’s sister publication GlobalMarkets that she hoped more vulnerable nations would adopt natural disaster clauses in their debt documents to protect themselves from climate events.

Celulosa Arauco y Constitución, the Chilean pulp and wood panel producer, is looking to issue what it describes as a “sustainability” bond, as Chile’s focus on environmental topics spreads to the corporate world.

Telecommunications Services of Trinidad and Tobago (TSTT) raised $300m in senior secured bonds on Tuesday.

A creditor group owning a majority of Barbados’s international bonds is set to bat away the government’s latest restructuring proposals, GlobalCapital understands.

Defaulted Caribbean sovereign Barbados proposed two possible solutions to the restructuring of its external debt on Wednesday, though it stopped short of making a formal offer to creditors — perhaps in recognition of a warning from certain bondholders two weeks ago.

Sub-investment grade sovereign Dominican Republic clinched a 30 year dollar deal with a slim concession and sold a local currency tranche on top as Latin American DCM bankers say risk appetite remains high despite broader market volatility.

A committee of Barbados bondholders claiming to own over 55% of the island nation’s US dollar bonds has warned the government that it will reject any “unilateral offer” that may emerge from restructuring negotiations.

The Dominican Republic’s second global peso bond issue helped it raise $2.5bn in tough markets on Wednesday via a dual currency offering.

The Netherlands Development Finance Co (FMO) has printed its debut note linked to the Haitian gourde. FMO is looking at investing further in the Haitian market, said a treasury officer.

Trinidad Petroleum Holdings (TPH), the state oil company of Trinidad and Tobago, is looking to stave off an $850m August bond maturity with a debt exchange and new senior secured loan.