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Issuers struggle over what concessions investors will require
Issuance in March was never going to be hefty after a record start to the year
Government borrowing costs are rising on local and international markets, and credit ratings are falling
Sovereign also added $300m to a long-dated dollar note
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The country will use all the money raised for liability management -
Sovereign left little, if anything, on the table for investors
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The sovereign is ramping up overseas issuance, plans to branch out into new currencies
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Bankers expect another quiet week or two unless sovereigns dip into the market
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Inflows so far in 2026 are nearly a quarter of all of last year's figure
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Another defaulter, Argentina, likely to tap market this year
