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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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LatAm bankers and investors say a strong issuance window for non-Brazilian credits has opened, as political and fiscal concerns take their toll in Latin America’s largest economy. -
Bond markets have been settling in for a period of higher US Treasury yields since Wednesday when the Federal Reserve confirmed it did not expect to raise rates before 2024. While that made long-dated issuance trickier for SSA issuers, there was hope that emerging market bond issuance will soon resume, even if a bumpy ride lies in wait. Mariam Meskin, Oliver West and Lewis McLellan report.
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Suriname asked bondholders for more time to reach a crucial agreement with the IMF on Wednesday evening, requesting investors extend a previously agreed holiday on all bond payments.
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Moody’s became the third rating agency in four months to downgrade Panama’s sovereign rating, cutting the borrower from Baa1 to Baa2 on Wednesday afternoon on the back of an “unusually large” erosion of the country’s fiscal strength during the coronavirus pandemic.
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Bond bankers say new issuance from Latin America is unlikely to pick up until after Easter, even though they believe the technical dynamics in the market remain favourable for issuers.
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Aberdeen Standard Investments, the asset manager with over £450bn ($625m) of assets under management, has hired an emerging markets economist from research firm Capital Economics.
