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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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As the Argentine Province of Buenos Aires approaches six months in default, a creditor group holding nearly half of the issuer’s international bonds has hired a major international law firm and says it is “prepared to evaluate all available options”. -
A group of real money investors owning a “significant portion” of Suriname’s international bonds are forming a creditor group to negotiate with the country, as a new government prepares to restructure its debt.
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Outrage at the destruction of the Amazon rainforest — which often involves dispossessing indigenous people — is common among capital markets executives. But few realise that their own firms are financing it.
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Total Play Telecomunicaciones’ failure to appear in primary markets this week was less surprising to bond bankers than the fact that the Mexican telco had planned to sell a debut deal the week before the US elections, as equity volatility in that country made for a weaker tone in Latin American credit markets.
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Chile, the only Latin American sovereign to have issued a green bond, is weighing up different thematic bonds as it makes its funding plans for 2021.
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Just one day before a likely hard default on its $150m of 7.875% 2024s, Argentina's City of Córdoba on Wednesday asked bondholders to modify the payment terms according to a plan that already has the backing of Chilean asset management firm Moneda.
