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GC Asia
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Argentina creditors call for action over words as restructuring extended
Argentina officially entered default for the ninth time on May 22 as the grace period expired on $503m of overdue coupon payments. However, there is increased optimism that the sovereign will reach an agreement with bondholders after the largest creditor group said “direct and immediate discussion” was required.
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Bondholders agree to Idesa maturity extension
After nearly two months of persuasion, Mexican petrochemicals company Grupo Idesa received the approval of its bondholders to push out some $300m of international bonds by six years and give major relief to its liquidity situation.
21 May 2020 -
Argentina on brink of new default but bondholders to provide leeway
Argentina is set to enter default on its international debt for the ninth time on Friday, but the sovereign curve performed well this week as investors and analysts say that creditors will continue negotiations well after the grace period on $503m of coupon payments expires.
21 May 2020 -
Brazilian corps wait for better times ahead amid primary absence
Investors say that bond markets are wide open for many Brazilian companies, but even as access to credit has suddenly become a major topic for the country's corporate executives, most of the cash-rich companies they run are shying away from international markets and betting that they will be able to achieve better borrowing terms in the future than are on offer today.
21 May 2020 -
Ecuador could learn Arg negotiation lessons
Ecuador could take useful clues from Argentina’s debt restructuring, said analysts, as it prepares to present an offer to its bondholders having taken decisive economic measures in the past week.
21 May 2020 -
Argentina’s awkward anecdote
Only in Argentina could a finance minister claim that default on billions of dollars of bonds constitutes merely an “anecdotal date”.
21 May 2020 -
Rare duo makes Swissie return
A supranational and a Nordic bank paid rare visits to the Swiss franc market this week. The North American Development Bank (NADB) printed its first deal in two years — its second green bond — while Nordea returned after a five year absence.
21 May 2020 -
Deutsch said to exit SMBC
Isaac Deutsch, who led Sumitomo Mitsui Banking Corporation's Americas specialized finance division between 2012 and 2018 before becoming the firm's deputy Americas CEO, is said to have departed from the bank earlier this week.
21 May 2020 -
Brazil airline hierarchy reversed as investors await BNDES bail-out
As bondholders eagerly await details of a rescue package from Brazilian development lender BNDES to the three largest airlines operating in the country, the strongest credit in the sector coming into the Covid-19 crisis is now the perceived as the weakest.
21 May 2020 -
Ecuador shows ideal route to restructuring, say analysts
Decisive economic measures from Ecuador’s government could help curry favour with bondholders ahead of a debt restructuring, said analysts, as Argentina provided an ideal template of what not to do.
20 May 2020
