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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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Argentine oil and gas company YPF’s bonds rallied on Tuesday as markets acknowledged several improvements to terms on the company’s attempt to exchange all of its $6.228bn international bonds for new notes. But analysts were still undecided as to whether the amended offer would be enough for YPF to meet the necessary acceptance thresholds. -
Mexican financing and leasing company Unifin Financiera returned to bond markets on Monday for the first time in 18 months, garnering sufficient demand to push the yield on its new $400m eight year into single digits.
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Car rental company Movida is looking to become the third Brazilian company this year to issue sustainability-linked bonds (SLB), just two weeks after its parent company issued a similar instrument.
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Brazilian waterway logistics services provider Hidrovias do Brasil will begin investor calls on Thursday as it looks to sell new bonds to finance a tender offer launched last week for existing bonds.
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Credit Suisse has tapped a rival bank to fill a spot on its emerging markets syndicate desk in New York, GlobalCapital understands.
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Three of the most active banks in financing oil exports from the Ecuadorian Amazon — an environmentally destructive industry with a long track record of trampling on indigenous people’s rights — have agreed to cease important parts of their financial support, after pressure from NGOs and a devastating oil spill in 2020.
