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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 aircraft manufacturer Embraer began investor calls on Tuesday as it prepares its first new issue since several ratings downgrades earlier in the year. -
At least 12 Argentine provinces are either deep in restructuring talks with bondholders or are preparing to begin negotiations. But as Argentina’s finance minister Martín Guzmán calls for regional governments to renegotiate their debts in line with the federal government’s sustainability guidelines, investors are unlikely to grant the same level of debt relief they agreed with the sovereign.
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Argentina’s foreign law exchange bonds will go free to trade this week and offer early clues as to how markets are likely to value the newly restructured credit, after some promising but inconsistent signs emerged from grey market trading last week.
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An IMF agreement that surpassed all expectations triggered a rally in Ecuador’s exchange bonds after they went free to trade this week, although analysts warn that February’s presidential election represents a major event risk.
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Three Latin American companies announced plans this week to issue dollar bonds, as market participants say they are expecting Monday to kick off a hectic September in primary markets as issuers look to get ahead of potential US election volatility.
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Ex-Barclays banker joins Finsbury to develop equity advisory — Laubjerg hired for natural resources at HSBC — Rousseau leaves Deutsche and joins Citi
