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Mexico paid a similar new issue premium for its $9bn deal last week
◆ What has driven this week's record issuance and what might threaten sentiment ◆ Why the Maduro affair is a wake-up call for the EU ◆ Resolving Venezuela's debtberg
New issue premiums were slim for the LatAm sovereign duo
It will take years and huge amounts of money to get Venezuela in a state to restructure its debt
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Mexico on Tuesday became the second Latin America sovereign to use the 20 year US Treasury bond as a benchmark for a new issue, initially raising $2.5bn of 2041 notes to finance a tender offer. Later in the evening, the sovereign said it would likely increase the size of the 2041s to $3.26bn, with holders of old bonds set to switch into the new notes. -
Latin American oil and gas company GeoPark may return to bond markets in the near future as it looks to finance a tender offer for up to $255m of its $425m of 6.5% senior unsecured 2024s.
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Automotores Gildemeister, the distributor of Hyundai cars in Chile and other South American countries, is set to file for bankruptcy with the support of its bondholders after missing a coupon payment on its $510m senior secured 7.5% 2025s on April 1. The process is set to reduce the company’s debt by $200m, said the issuer
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Empresas CMPC, the Chilean pulp and paper producer, priced a sustainability-linked bond inside its curve on Wednesday, leaving no doubt that Latin American issuers can still garner a material pricing benefit from ESG debt, even as emerging market bonds feel the pressure from US Treasury volatility.
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Suriname said on Wednesday that it had provided its bondholders with the data and reassurances they had requested, before extending the deadline on a consent solicitation that would grant the government additional debt relief while it negotiates an IMF deal.
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Chile’s head of international finance said that the sovereign’s debut in the Formosa bond market this week was a natural continuation of the diversification of its funding sources, as Asian investors bought more than half of the government’s $1.5bn 32-year sustainable bond. The government has now issued green, social and sustainable notes in international markets.
