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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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Brazilian mining giant Vale returned to bond markets after a three year absence on Monday with a 10 year bond that bankers said left investors hungry for more. -
Mexican lender Banorte and Colombia’s second largest telecoms company began investor calls on Monday as Latin American borrowers look for funding in the wake of a rally that reawakened issuer interest in bond markets.
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Central American sovereign El Salvador will this week show just how far risk appetite has rebounded in emerging markets as it seeks a long-dated benchmark bond even as an inverted bond curve suggests markets are pricing a high level of stress.
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After a rush of dollar issuance from Latin American sovereigns, Uruguay — the last of the region’s investment grade countries to turn to bond markets during the coronavirus pandemic — spotted the chance in late June to become the first EM sovereign to issue abroad in its own currency this year. Herman Kamil, director of the country's debt management office (DMO), tells GlobalCapital how the sovereign bucked the trend.
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Suriname took a market-friendly approach to arranging debt relief this week as bondholders agreed to delay the amortisation schedule on its 2023s. But a full restructuring remains on the cards.
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As tensions between Argentina and its largest bondholders climbed this week, the government’s prize asset, oil firm YPF, differentiated itself with a debt exchange that, according to rating agencies, does not punish creditors — unlike the sovereign’s proposals.
