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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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Debt capital markets and syndicate bankers covering Latin America say that there is plenty of primary market activity on the way before the end of summer, as new issuance ticked over during the shortened July 4 week. -
Banco Internacional del Perú (Interbank) sold a $300m subordinated bond on Tuesday just two business days after its largest domestic rival raised $850m in the same format.
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Suriname appeared to take a market-friendly approach to arranging debt relief on Wednesday as bondholders agreed to delay the amortisation schedule on its 2023s. But a full restructuring is still on the cards as the outgoing government appeared to wash its hands of responsibility for what is likely to be dire forthcoming economic data.
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EM bond investors were treated to a second issue from a Cosan subsidiary in two days on Wednesday as Raizen, the fuel distributor and sugar and ethanol producer, reopened its 5.3% January 2027s.
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Brazilian railroad operator Rumo tightened pricing sharply on the first green bond from Latin America in the coronavirus era on Tuesday, as bankers said that the environmental label gave investors more options over where to place the bond.
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Banco Internacional del Perú (Interbank) sold a $300m subordinated bond on Tuesday on the back of a 2.5 times subscribed order book, just two business days after its largest domestic rival sold $850m in the same format.
