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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 quasi-sovereign Comisión Federal de Electricidad (CFE) offered little to no concession on its first 144A/Reg S deal since 2016 on Tuesday, attracting a broad range of investors to an order book that peaked above $10bn. -
A set of investors owning more than 45% of a YPF bond maturing next month say they will not support the Argentine oil and gas company’s attempt to swap the notes for a combination of new senior secured bonds due in 2026 and cash — even after the issuer improved the offer on Monday. However, emboldened by the public support of a separate bondholder group, YPF responded late on Tuesday that investors should participate in the deal “with a view to contributing to the preservation of their investments”.
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Argentine government-owned oil and gas company YPF again sweetened the terms of an exchange for its 2021 bonds on Monday, increasing the cash portion of the swap in an effort to persuade creditors to switch into longer dated notes and thus avoid the risk of default.
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Peruvian mining company Volcán is set to recover some lustre after a tricky 2020, proposing a liability management transaction and equity raise that should lower leverage and bring improvements to its rating.
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Brazilian auto parts supplier Tupy began investor calls on Monday morning ahead of a proposed senior unsecured bond that it wants to use to finance a tender offer for existing bonds.
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The Central American Bank for Economic Integration (Cabei) is holding investor calls until Tuesday as it looks to sell a debut social bond in dollars.
