Caribbean

Cable & Wireless, the Caribbean telecoms company, is set to raise $500m of new eight year non-call three bonds on Thursday as EM investors say they expect US high yield buyers to give the deal momentum.

Owners of Barbados’s international bonds are set to put up resistance to the sovereign’s restructuring plans, complaining that they have had poor communication from the defaulted government.

Owners of Barbados’ international bonds on Tuesday issued a scathing rebuke to the government’s restructuring process, in response to the island nation’s domestic debt exchange.

Jamaican telecoms group Digicel has extended the early bird deadline of its distressed debt exchange as it talks to bondholders about its liability management plans.

Jamaican telecoms group Digicel is “undermining” its position with creditors by pushing ahead with a bond exchange that rating agencies have deemed as distressed, Fitch Ratings said.

Jamaica telecoms group Digicel saw its bonds slump after markets reopened on Tuesday as agencies slashed its credit ratings on the back of a bond exchange aimed at giving the issuer more time to deleverage.

Debt capital markets bankers covering Latin America say that it hard to convince the region’s issuers to return to bond markets even as investor sentiment seems to be stabilising.

Caribbean island nation Barbados said on Wednesday that views were “converging” over the possible size of its fiscal consolidation, setting the stage for negotiations with bondholders to begin.

Caribbean island nation Barbados said on Wednesday that views were “converging” over the possible size of its fiscal consolidation, setting the stage for negotiations with bondholders to begin.

Brazilian utility Cemig ended a three week hiatus in offshore Latin American bond issuance this week and was swiftly followed by the Dominican Republic as the two high yield borrowers raised a combined $1.8bn.

Defaulting Caribbean sovereign Barbados could end up forcing a 50% principal haircut on bondholders in its restructuring, said Exotix this week, as investors worried that an overly aggressive approach from the island nation would see it lose market access for the foreseeable future.

Defaulting Caribbean sovereign Barbados could end up forcing a 50% principal haircut on bondholders in its restructuring, said Exotix on Wednesday, as investors worried that an overly aggressive approach from the island nation would see it lose market access for the foreseeable future.