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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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El Salvador, the highest yielding Latin American sovereign not to have already announced a debt restructuring, sold $1bn of 32 year bonds on Wednesday but at a hefty concession to its inverted curve. -
Two Colombian companies kept corporate issuance from Latin America ticking with aggressive deals on Wednesday even as bankers reported softer conditions in US investment grade bond markets
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As private creditors continue to resist calls to participate in coordinated debt relief efforts, a group of Ecuador’s bondholders appeared to be insisting that another path was possible as they said the South American sovereign had set a positive precedent for other EM sovereign debt restructurings likely to follow in the Covid-19 era.
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Chilean non-bank financial institution Tanner is joining the slew of Latin American companies turning to bond markets as it holds investor calls ahead of a proposed five year amortising note.
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Argentine bonds rallied on Monday after the government surpassed expectations with a new debt restructuring offer. But markets are still waiting on the reaction of the largest bondholders, as Argentina had abandoned negotiations ahead of its updated offer.
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While Argentina’s back-and-forth attitude to debt negotiations means it still has not reached a deal more than three months after the deadline it had set itself to wrap up the process, Ecuador’s decision to keep investor relations as cordial as possible could see it rewarded with a remarkably swift restructuring of its bonds.
