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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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Light, the fifth largest energy distributor in Brazil, issued $600m of five year bonds on Tuesday to wrap up a hectic period of LatAm high yield issuance. But the primary market is likely to take at least a one day pause as recent issues trade softly and the US Federal Open Market Committee (FOMC) concludes a two day meeting on Wednesday. -
Brazilian meatpacker JBS made an apparently impressive entry into the world of ESG debt last week with a well received sustainability-linked bond (SLB). While an SLB is an encouraging first step for a company that has for years been under the scrutiny of environmental campaigners, the KPIs in the deal cover a fraction of the company’s emissions, and the deal shows investors need be tougher on SLB issuers if the format is to have value.
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Credit Suisse has hired from a European rival to lead its Brazil DCM efforts as it edges up the LatAm bookrunner league tables.
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SierraCol Energy, the Carlyle Group-owned spin-off of Occidental Petroleum’s onshore operations in Colombia, sold its inaugural international bond issue on Monday to continue a surge in LatAm high yield issuance — though some bankers felt the underwhelming aftermarket performance of other recent borrowers affected the deal.
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A group of Suriname’s bondholders on Monday followed through on their threat to cancel the payment relief that they had offered the sovereign, effectively pushing the government into technical default. But the move only supports expectations that restructuring negotiations will be lengthy and fraught.
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StoneCo, the Brazilian financial technology firm, debuted in international bond markets on Friday with a seven year benchmark that it will partially use to finance an investment in digital bank Banco Inter.
