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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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Mexican broadcaster TV Azteca’s bonds fell sharply in secondary markets this week after the company missed a coupon payment on its international bonds. But the decision to stay current on, and prepay, a domestic bond left some bondholders recalling previous battles with Ricardo Salinas Pliego, Mexico’s third richest man and the owner of the broadcaster. -
TV Azteca, the broadcaster owned by Mexico’s third richest man Ricardo Salinas Pliego, missed a coupon payment on a $400m bond on Tuesday, leaving some concerned about the implications for other Grupo Salinas-controlled bond issuers.
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Uruguay’s dollar bonds are hot property, but the sovereign is planning to focus its international bond issuance efforts on its domestic currency in 2021 as it looks to develop the peso market and increase the share of its debt burden in the currency.
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EM bond buyers gave Guara Norte, a special purpose vehicle for Brazilian floating production storage and offloading (FPSO) unit Cidade de Ilhabela, a warm welcome on its first bond market outing as investors say that emerging market high yield corporates offer the best chance for outperformance.
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Argentine oil and gas company YPF amended its proposed bond exchange for the fourth time on Sunday evening, again upping the cash payment for holders of its March 2021s in a move that the issuer says has the support of the most stubborn group of bondholders.
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Peruvian government-owned oil company Petroperu clinched most of the remaining financing of the long-awaited modernisation of its Talara refinery on Thursday, opting to reopen bonds first issued three years ago at a high dollar price rather than place a new benchmark.
