Top Section/Ad
Top Section/Ad
Most recent
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
More articles/Ad
More articles/Ad
More articles
-
Ecuador’s market-friendly debt restructuring hit a bump in the road this week as bondholders put forward proposals that would include conditions around environmental, social and governance (ESG) factors. -
The run of new bond issues from Latin America credits looks set to extend this week after the slew of corporates from the region to tap the market last week mostly emerged with a combination of slim new issue concessions and positive aftermarket performance.
-
After striking a remarkably swift restructuring deal with creditors, Ecuador’s government deserves praise. But it is unrealistic to expect such smooth discussions elsewhere, as emerging market sovereign defaults inevitably rise.
-
Latin America has been taking the spotlight in July after a record-breaking quarter for emerging markets bond issuance, but with US elections looming and all-in yields still very attractive, bankers across the emerging market world say there are plenty of reasons for issuers to continue to flock to markets.
-
Amid warnings about a looming debt crisis in emerging markets, bond investors this week hailed Ecuador as an example to follow in sovereign restructurings, while continuing their showdown with Argentina. Ecuador’s market-friendly philosophy appears to be paying dividends over Argentina’s more confrontational approach, but not every issuer is likely to follow its precedent, writes Oliver West.
-
Argentina’s largest bondholders on Wednesday evening dashed hopes that the government’s new improved restructuring offer would achieve mass take-up. But some investors took hope from the tone of the creditors’ statement.
