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The outcome from a fiscal policy perspective is 'binary', said an emerging markets debt investor
One Brazilian company printed in a tricky period for the country's corporate borrowers
Rede D'Or rode over investor concerns about the health of Brazilian corporates, while Edenor landed its first benchmark bond
Books for the jumbo €5bn deal were more than three times subscribed
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Panama City airport Aeropuerto Internacional de Tocumen defied what bankers and investors had described as an unenthusiastic early-August bond market to attract a large book on a dual tranche deal on Thursday. Demand was sticky enough for the issuer to price $1.855bn of new debt inside guidance, enabling Tocumen to gain important liquidity relief. -
The impact of the allocation of new IMF Special Drawing Rights (SDRs) on the most stressed developing economies could depend on whether a politically sensitive proposed reallocation of the assets from wealthier nations to vulnerable ones is successful. And though the new SDRs may reduce sovereign bond issuance, particularly in sub-Saharan Africa, not all investors believe there will be a notable effect on EM debt.
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Mining company Gran Colombia Gold Corp sold a senior unsecured $300m five year note on Wednesday, with bankers saying that the company had offered a pricing pick-up that could be attributed to the use of proceeds — to fund a new project in Guyana.
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Power company Genneia has become the latest Argentine company to look to refinance bonds with an exchange considered distressed by rating agencies, as capital controls in the country limit corporate issuers’ access to hard currency. Unusually, the distressed exchange will result in the issuance of green bonds.
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Andrés Pérez, who has led Chile through two consecutive record breaking years of international bond issuance, has left his position as head of international finance at the Latin American sovereign to become chief economist at Itaú Chile.
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As sustainability-linked bond issuance gains momentum in emerging markets, questions are being asked about the product and its potential for innovation. The next iteration could see a feature already accepted in the loan market but not yet in bonds: a margin step-down.
