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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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Minerva and Marfrig, the Brazilian meatpacking rivals, said on Monday that they would prepay dollar bonds as part of continued efforts to reduce leverage. -
The International Monetary Fund said in the concluding statement of last week’s Article IV mission to Belize that the government needs to restructure its debts to restore public debt sustainability, leaving bondholders bracing for a fifth credit event since 2007.
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Fitch downgraded Mexican broadcaster TV Azteca from C to restricted default (RD) on Friday after the 30 day grace period expired on a missed coupon payment. The rating agency is forecasting recoveries for bondholders in the 31%-50% range.
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Faltering momentum in Latin American bond issuance has put this year's unprecedented surge of green and sustainable deals on pause. But even if volatility persists, as global bond markets deal with rising US interest rates, LatAm issuers will not only maintain their focus on ESG, but they may find sustainability credentials are more valuable than ever.
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Peruvian food retail and pharmacy group InRetail Consumer took advantage of calmer markets and the scarcity value of Peruvian corporates to achieve higher oversubscription and greater pricing compression than any Latin American new issue since February 18. on the way to a $600m seven year on Thursday.
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As financial institutions across asset classes raised gender-themed funding this week, Colombia’s vice-president Marta Lucía Ramirez took International Women’s Day as a chance to hail the potential of the sovereign using bond markets to fund its gender equality initiatives.
