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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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The government of Bermuda turned to bond markets for the first time since November 2018 on Monday, raising $1.35bn of new notes to repay debt and fund fiscal spending including Covid-19 measures. -
A new Brazilian law is set to boost credit card ABS securitizations from non-bank lenders, helping the alternative sector to thrive despite the economic fallout from coronavirus.
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A group of bondholders holding more than a quarter of the Province of Neuquén’s senior secured bonds said on Friday that they “categorically” reject the Argentine regional government’s restructuring proposal.
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Central American sovereign Belize said this week that more than three-quarters of its bondholders supported its proposal to capitalise its next three bond payments. The Covid-19 pandemic is battering the country’s tourism-reliant economy.
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Two Latin American corporates sold dollar bonds this week, but market participants said August is mostly as quiet as expected, as focus turns to potential September supply.
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Real money investors have historically avoided the reputational risk involved in participating in sovereign debt restructurings. But a truly socially responsible investor should embrace these situations — for the sake of both their clients and troubled emerging nations.
