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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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Entre Ríos will become the latest Argentine province to begin negotiations with bondholders after the national government’s restructuring agreement last week left the path clearer for provincial issuers. -
Chilean state railway operator Empresa de los Ferrocarriles del Estado (EFE) debuted in international bond markets on Tuesday, achieving the lowest yield ever achieved by a Latin American corporate on a 30 year issue on the back of an eight times oversubscribed order book.
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Bermuda could issue a new bond in the coming days as it looks to fund the buy-back of up to $500m of debt.
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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.
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Electricity giant AES Corporation raised $1.38bn of bonds for its Panamanian subsidiary on Tuesday, attracting a bumper book into a note that could offer liquidity rarely found in corporate paper from the country.
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Latin American development bank Corporación Andina de Fomento (CAF) raised Sfr350m ($382m) of five year paper on Monday with its first green bond issue in the Swiss franc market.
