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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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Mexican car parts maker Nemak is looking to become the latest Latin American company to issue a sustainability-linked bond, having begun investor meetings on Monday. Like other LatAm SLB issuers from the sector, Nemak is including a coupon step-up linked to Scope 1 and 2 greenhouse gas emissions — though the company has a separate target to reduce its far more significant Scope 3 emissions. -
Braskem, the Brazilian petrochemicals company downgraded to junk last year, will use cash to repurchase over $230m of bonds as it reduces its debt ratio to regain investment grade status.
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Latin America bond market participants saw signs this week that risk appetite is waning, with recent deals under par in secondary markets. Added to a more hawkish stance from the US Federal Reserve, bankers and investors expect issuance from the region to slow.
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Brazilian food company BRF said on Wednesday that it is giving bondholders more time to participate in a tender offer for a portion of its global bonds maturing in 2030.
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The government of Suriname on Tuesday accused its bondholders of taking an “unconstructive and confrontational stance” after the creditor committee had on Monday opted to exercise an option that allowed them to cancel the payment relief previously offered to the sovereign.
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Mastellone Hermanos, the largest dairy company in Argentina, has fallen short of getting the bondholder support it needs for its proposed distressed exchange offer. The borrower, which is dealing with the fallout from capital controls in its home country, needs the support of another 1.47% of its bondholders to proceed with the offer.
