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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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Central American development bank Cabei will hold investor calls this week as it prepares to bring its first 144A bond in nearly eight years. -
The Central American Bank for Economic Integration (Cabei) completed a capitalisation on Monday, increasing its authorised capital from $5bn to $7bn.
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A swift, firm rejection from the bondholder group considered to hold most sway in Argentina’s restructuring negotiations effectively closed the doors on any chance of success for the government’s first offer less than one business day after it had announced terms.
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Latin American bond markets, barely back on their feet after the initial onslaught of the coronavirus pandemic, had to contend on Monday with an unprecedented collapse in oil prices too. The sight of WTI trading below zero made some market participants nervous and suggested issuers with funding needs should brace for unexpected bouts of volatility.
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Over 90% of Ecuador’s external bondholders agreed to a consent solicitation that expired at 5pm New York time on Friday, more than enough to allow the government to delay all coupon payments until August. A more comprehensive debt reprofiling will follow.
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After making investors wait until the end of Friday's trading session that saw a strong bid for its bonds, Argentina finally proposed terms on its mammoth external debt restructuring. With early recovery rate estimates in the 30%-35% range, investors did not even wait until the weekend was over to express their discontent.
