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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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Telecom Argentina said on Tuesday that it would issue nearly $389m of amortising bonds maturing in 2025 as a result of a successful debt exchange and raising $135m in new money.
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Government owned lender Banco Nacional de Panamá (Banconal) sold its first ever international bond on Tuesday, notching a bumper order book and at tightening — as several recent Latin American deals have done — by 50bp.
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As Argentina’s largest bondholders confirmed that they would support the government’s amended restructuring offer, the sovereign gave investors until August 24 to participate in the deal, with analysts expecting a high take-up.
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Argentina announced an agreement with bondholders on Tuesday to restructure $65bn of debt. The country's dollar bonds had rallied late on Monday as rumours circulated that a deal was close following months of negotiations with either side repeatedly rejecting the other's proposals.
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More than 95% of the holders of each of Ecuador’s 10 international bonds participated by Monday’s deadline in a consent solicitation that allows the sovereign to restructure $17.4bn of debt.
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Electricity giant AES Corporation is preparing a bond issue that will consolidate the debt of its Panamanian operating subsidiaries into one special purpose vehicle (SPV).