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Mexico paid a similar new issue premium for its $9bn deal last week
◆ What has driven this week's record issuance and what might threaten sentiment ◆ Why the Maduro affair is a wake-up call for the EU ◆ Resolving Venezuela's debtberg
New issue premiums were slim for the LatAm sovereign duo
It will take years and huge amounts of money to get Venezuela in a state to restructure its debt
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After a torrid year, Peru’s domestic bond market is enjoying a minor resurgence this month. But with local pension funds still not offering corporate borrowers pre-crisis levels of funding, DCM bankers believe Peruvian companies may turn to international funding markets in greater numbers during 2021.
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The Inter-American Development Bank (IADB) said on Wednesday that it would mobilise $1bn of resources to support Latin American and Caribbean countries in their efforts to acquire and distribute Covid-19 vaccines, as analysts warn most of the economic benefits from vaccinations may only reach Latin America in the second half of 2021.
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Political volatility might finally be biting in Peru, with Fitch putting the country's rating on negative outlook.
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A group of bondholders holding more than half of the Argentine province of Córdoba’s international bonds took just one day to yet again reject the issuer’s attempt to amend terms on $1.67bn of bonds. As the countdown to default begins, creditors called for discussions “rooted in the realities of the province’s financial position and outlook”.
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Only a small number of holders of Corporación Nacional del Cobre de Chile’s (Codelco) bonds agreed to participate in the first stage of a tender offer the government-owned copper producer will finance using proceeds from a recent bond issue.
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Costa Rica’s finance ministry said on Monday that it planned to begin discussions over a new $1.75bn IMF programme in the second week of January. But though an agreement would likely drive a rally in the sovereign’s bonds, Fitch Ratings warned it would not remove debt sustainability pressures.