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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 food company Grupo Bimbo proceeded with a 30 year bond issue on Wednesday despite a US inflation reading that sent Treasury yields to their widest levels in a month. A strong bid from US investment grade buyers ensured a bumper order book, but some observers were surprised that the issuer had not delayed its deal in the face of a tricky market. -
Inversiones Atlántida (Invatlan), the Central American financial services group that owns the largest bank in Honduras, is looking to raise $300m of senior secured bonds, it told fixed income investors this week.
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Uruguay began investor calls on Monday ahead of a proposed dollar and global local currency bond issue. The marketing effort came as the government continues to take steps towards issuing what would be the first sustainability-linked bond from any sovereign — though this week’s expected deal will not have ESG characteristics.
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AI Candelaria, the holding company through which private investors own a stake in Colombian oil pipeline Ocensa, returned to bond markets on Monday with a larger than expected $600m deal as Ocensa’s resilience during the coronavirus pandemic outweighed concerns about social unrest and a potential credit rating downgrade in Colombia.
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The government of Suriname issued a stinging riposte to its bondholders on Friday, accusing the creditor committee of issuing a “misleading and factually incorrect statement” about the sovereign’s debt restructuring.
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Four Latin America and Caribbean companies sold new issues in the dollar market at very tight looking levels on Thursday, as investors continue to feel pressure to put to cash to work amid extremely high liquidity.
