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Mexico paid a similar new issue premium for its $9bn deal last week
◆ What has driven this week's record issuance and what might threaten sentiment ◆ Why the Maduro affair is a wake-up call for the EU ◆ Resolving Venezuela's debtberg
New issue premiums were slim for the LatAm sovereign duo
It will take years and huge amounts of money to get Venezuela in a state to restructure its debt
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Bondholders and analysts said that the Province of Buenos Aires had offered slightly better terms than the Argentine sovereign with its distressed debt exchange, but the offer, for $7.148bn of debt, is still likely too aggressive to gain traction with investors. -
After releasing first quarter results that one credit analyst said showed “limited to no impact” from the coronavirus pandemic, Mexican payroll lender Crédito Real said on Monday that it had established a $1.5bn MTN programme that would give it “access to a wide array of debt securities in various international markets, currencies and maturities”.
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Debt capital markets bankers had been hoping for at least two years that Colombian oil company Ecopetrol could be persuaded to issue a bond. When the government-owned borrower finally opted to tap bond markets last week for the first time since 2016, it caught the eye by doing so with oil prices at historic lows, in the middle of the coronavirus pandemic and, unusually for a Lat Am issuer, on a Friday.
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International capital markets are facing a reprise of one of their most eerily familiar tales in the next month: the will-they-won’t-they tension of the run-up to an Argentina default, writes Oliver West.
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Paraguay continued the relative rush of Latin American issuance on Thursday with a heavily demanded $1bn 11 year bond becoming the second high yield sovereign from Latin America in two days to tap bond markets to fund Covid-19 mitigation.
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Mexico proved its capital market prowess with a highly oversubscribed $6bn bond this week, despite facing a wave of downgrades, concerns about the contingent liability represented by Pemex, and investor fears that the government is reacting too slowly to the Covid-19 pandemic.
