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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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As Uruguay looks to follow a recent surge of sustainability-themed bond issuance from Latin American borrowers with an ESG bond of its own, one of the options it is weighing up is a sustainability-linked bond — a format that has so far only been used by corporate borrowers. -
Amid increasing concern that Argentina might delay a new IMF agreement until after mid-term elections in October, one of the creditor groups that negotiated last year’s sovereign debt restructuring issued a plea to the government to turn its economic policy around.
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Mexican petrochemicals producer Alpek shrugged off a sharp sell-off in US Treasury yields earlier in the week to notch a highly oversubscribed 10 year bond in the only public benchmark new issue from Latin America this week.
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Mexico petrochemical company Alpek could announce a new 10 year note as soon as Thursday, and investors expect the issuer to receive strong demand amid a quiet Latin America primary market.
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Mexican petrochemicals producer Alpek, which lost one of its investment grade ratings for the first time last September, was holding calls with fixed income investors this week ahead of a proposed liability management exercise that would push its average debt maturity from 4.4 years to seven years.
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Banco Santander Chile sold its first ESG-themed bond on Tuesday, raising $50m in a private placement with a Japanese investor to finance small and medium sized enterprises led by women.
