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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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Brazilian oil company Petrobras this week announced it will spend $1.95bn on repurchasing existing bonds via a tender offer, as the rapid pace of its reduction continues. -
A group of Neuquén’s bondholders swiftly rejected an improved debt restructuring offer this week, saying any reduction in interest payments on the Argentine province’s senior secured bonds cannot be justified.
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Panama’s bonds traded lower on Wednesday, a day after Moody’s became the third agency to place the sovereign’s rating on negative outlook. Moody’s highlighted, however, that Panama’s broad bond market access remained a key credit strength.
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Frigorífico Concepción, the Paraguayan beef exporter, raised $40m in bond markets on Wednesday after a three-day sales process.
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Minera Las Bambas (MLB), a subsidiary of Hong Kong-listed MMG, has raised an $800m loan from four Chinese banks.
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Brazilian oil company Petrobras will continue the rapid reduction of its debt burden after completing a tender offer under which it will spend $1.95bn on repurchasing existing bonds.
