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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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América Móvil, the Mexican telecommunications company controlled by Carlos Slim, had to cheapen the terms of its €2.2bn bond exchangeable into shares in Dutch telco KPN, but still achieved a remarkably cheap refinancing of a non-core stake. -
Peru is set to test Latin America bond market resilience to both US rates volatility and domestic election uncertainty soon as it meets fixed income investors virtually this week ahead of a proposed euro and dollar new issue.
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Petrochemicals producer Alpek, which is owned by major Mexican conglomerate Grupo Alfa, will buy back almost half of its $650m of 4.5% 2022s after wrapping a tender offer on Tuesday.
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Petrobras bonds slumped on Monday after Brazil's president Jair Bolsonaro nominated retired general and former defence minister Joaquim Silva de Luna to be the state-owned oil and gas giant’s new CEO. One analyst decried “corporate statism” as others saw the decision as a warning about the direction of Brazil’s fiscal policy.
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Salta became the latest Argentine province to wrap up a debt restructuring on Monday after almost all its bondholders agreed to participate in a consent solicitation that will see the maturity on its July 2024s pushed out to December 2027.
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Better than expected fiscal data from Mexico has led Bank of America analysts to conclude that the country’s fiscal metrics “could compare favourably to peers for longer” and upgrade their recommendation on the sovereign’s external debt from underweight to market weight.
