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  • Bondholders overwhelmingly backed Suriname’s request for a debt standstill until at least the end of March, allowing the government to exit default. The sovereign is likely to use the payment holiday to begin negotiating a comprehensive debt restructuring.
  • Standard & Poor’s cut Braskem Idesa’s credit rating from B+ to B on Friday, placing the rating on negative watch as the Mexican government’s termination of a gas transportation contract disrupted the polyethylene producer’s operations. The rating agency warned the company needs to address its gas supply shortage urgently, but some credit analysts eye a buying opportunity.
  • Latin American power generation company EnfraGen will look to sell $710m of split-rated 10 year senior secured notes this week, nearly three years after it postponed an earlier attempt at tapping bond markets.
  • Latin America primary enjoyed a rare bustling start to December this week with three deals catching the eye for different reasons, despite several market participants saying they were ready for a calmer end to the year.
  • Argentina’s second largest provincial issuer, Córdoba, improved its consent solicitation to bondholders on Thursday, increasing proposed coupon payments. The offer comes as Argentine provincial debt talks gain momentum, but Córdoba is still some way off its bondholder group’s latest proposal — though the creditor committee has not yet reacted to the improved offer.
  • The Commonwealth of the Bahamas raised $225m of 12 year money on Wednesday, taking advantage of a strong rally in its most recently issued bonds to tap markets 125bp inside where it did less than two months ago.