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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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Colombian bank GNB Sudameris looked likely to price a Basel III-compliant tier two bond on Thursday at the second time of asking, but bankers said issuance windows were becoming narrower after another volatile day. -
Fresnillo, the Mexican mining company, notched a first bond in seven years close to where bankers spotted fair value on Tuesday to reassure market participants that issuance are good for strong credits.
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Bond buyers welcomed Brazilian retailer Lojas Americanas to international markets for the first time on Tuesday — showing that there is still strong appetite for the right debut issuers despite two fellow Brazilian companies cancelling first-time deals in recent weeks.
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Chilean energy company Empresa Eléctrica Angamos has told GlobalCapital it has no intention of amending a tender offer for its senior secured 2029 bonds to satisfy a bondholder advocacy group that had labelled the deal “unfair”. Nearly two thirds of Angamos creditors have already participated.
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Suriname has tabled an amendment to its debt act that includes a request to the finance minister to submit a debt restructuring plan.
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Colombia will become the first country to draw down on an International Monetary Fund flexible credit line (FCL), its instrument for top quality borrowers. The government is likely to use the loan — rather than bond markets — to complete its external funding needs.
