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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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Banco Santander Mexico is hoping to become the first Latin American company to issue internationally in six weeks on Tuesday after speaking to investors on Monday about a potential senior unsecured trade. -
With emerging markets across the globe facing an overwhelming liquidity squeeze, the IMF said on Thursday that it would “look for solutions that can unlock critical financing” in countries where the unsustainability of debt prevented the fund from lending, potentially increasing funding options for the most stressed of countries.
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Argentina’s move to suspend domestic law bond payments for the rest of the year encouraged holders of its foreign law debt, some of who are beginning to spy value in the battered curve.
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Though Ecuador was already late on debt payments and bondholders were already expecting to be asked to agree to delay coupons, the cash-squeezed sovereign’s bond curve sold off sharply after the government launched a consent solicitation to that end on Thursday afternoon.
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Mexican petrochemicals company Grupo Idesa is giving bondholders more time to participate in a distressed debt exchange, saying that the “current environment” had hindered the ability of the bonds’ "custodians" to tender.
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Rating agencies have continued their policy of taking swift action on Latin American governments as Standard & Poor’s removed its positive outlook from Brazil, the region’s largest economy, citing political opposition to President Jair Bolsonaro as a key reason.
