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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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Consorcio Transmantaro, the Peruvian transmission company and one of the few Latin American issuers to have improved its credit profile this year, is turning to bond markets for the first time since April 2019 to finance investments. -
Banco Hipotecario, the Argentine bank focussed on mortgage and consumer loans, is asking holders of a dollar bond maturing in less than three months to swap their paper for a new 2025 bond and cash. If bondholders do not accept the terms, default is likely, says Moody’s.
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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.
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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.
