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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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Peru’s largest financial group Credicorp tapped international bond markets for $500m on Wednesday, maintaining a robust order book even as it tightened pricing by more than 50bp. -
With bondholders mobilising ahead of a debt restructuring, Ecuador’s bonds have enjoyed a strong rally on the back of the borrower's perceived goodwill to the markets. But the government faces a delicate task in executing a restructuring.
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For yield-hungry bond buyers, Central American sovereigns El Salvador and Costa Rica have proved irresistible in recent days. But as political infighting in both countries hampers fiscal consolidation efforts, fiscal fundamentals could cause creditors concern for years to come.
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Bond buyers are showing interest in Peru’s nuevo sol denominated paper amid a sharp increase in EM risk appetite, according to the government’s public treasury director, even as Fitch downgraded the sovereign’s local currency debt rating last week.
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The Central American Bank for Economic Integration (Cabei) raised $530m-equivalent of debt in Taiwan and Switzerland this week to complete the bulk of its bond financing for the year, leaving the lender to focus on bilateral funding and further investor relations for the rest of the year.
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While leading economists fret about a reckoning to come for emerging market debt in the wake of the coronavirus pandemic, for vast swathes of EM issuers bond market business is brisk. Despite dire data and forecasts, dollar funding costs for some sovereigns are nearing pre-crisis levels as investors grasp at any sort of yield. The rally may have further to run, write Ross Lancaster and Oliver West.
