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It is not clear what needs to be restructured, and the coming debt analysis may lack credibility
The outcome from a fiscal policy perspective is 'binary', said an emerging markets debt investor
One Brazilian company printed in a tricky period for the country's corporate borrowers
Rede D'Or rode over investor concerns about the health of Brazilian corporates, while Edenor landed its first benchmark bond
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Suriname’s new government said on Thursday that it would not make a coupon payment due next Monday on its $550m of 9.25% 2026s as it prepares for restructuring discussions. But with the Surinamese economy capable of generating high levels of hard currency, the focus could be on liquidity relief rather than principal haircuts.
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Two corporate deals on Monday and a tiny tap from a Paraguayan beef exporter on Wednesday were all investors had to choose from in Latin American primary bond markets this week as issuance remains light ahead of the US elections next month.
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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.
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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.