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Uruguay did not pay much new issue premium, if any
A normalisation of Argentinian borrower access to markets has helped spur issuance
Issuance in euros by LatAm & Caribbean sovereigns is at record levels
The sovereign priced inside paper of similar maturity from Brazil and Colombia
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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.
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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.
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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.
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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.
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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
