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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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Ecuador could take useful clues from Argentina’s debt restructuring, said analysts, as it prepares to present an offer to its bondholders having taken decisive economic measures in the past week. -
Only in Argentina could a finance minister claim that default on billions of dollars of bonds constitutes merely an “anecdotal date”.
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A supranational and a Nordic bank paid rare visits to the Swiss franc market this week. The North American Development Bank (NADB) printed its first deal in two years — its second green bond — while Nordea returned after a five year absence.
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Isaac Deutsch, who led Sumitomo Mitsui Banking Corporation's Americas specialized finance division between 2012 and 2018 before becoming the firm's deputy Americas CEO, is said to have departed from the bank earlier this week.
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As bondholders eagerly await details of a rescue package from Brazilian development lender BNDES to the three largest airlines operating in the country, the strongest credit in the sector coming into the Covid-19 crisis is now the perceived as the weakest.
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Decisive economic measures from Ecuador’s government could help curry favour with bondholders ahead of a debt restructuring, said analysts, as Argentina provided an ideal template of what not to do.
