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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 railroad operator Rumo, which Fitch believes should only suffer a “limited” impact from coronavirus, is preparing what would be the first green bond from Latin America since the pandemic hit. -
Mexican real estate investment trust (Reit) Fibra Uno will monitor markets as it continues to look for liability management opportunities after pulling a proposed Reg S-only trade last week, the company’s capital markets vice-president has told GlobalCapital.
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Peru’s largest commercial lender Banco de Crédito del Perú (BCP) raised $850m of 10-year non-call five tier two bonds on Friday, offering what some bankers saw as a slim pick-up to its senior debt on the back of a nearly four times subscribed order book.
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Two of Mexico’s best-rated issuers eased through bond markets this week, even as the country faces ever-worsening economic forecasts, while bankers said Latin America’s top names could issue multiple times this year.
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Banco Internacional del Perú (Interbank) joined its larger peer Banco de Crédito del Perú (BCP) in the new issue pipeline on Thursday as it announced plans for a new tier two deal
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Uruguay’s management of the Covid-19 pandemic — so far, superior to the majority of crisis-hit Latin America — helped it issue $2bn-equivalent of bonds on Wednesday with a very slim new issue premium on its inflation-linked peso notes and a negative concession on a dollar tap.
