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Investors welcome country's efforts to reduce bulging debt burden, but there is nagging worry
Despite the rise in dollar funding, local markets still provide the bulk of sovereign's borrowing
Corporate issuance from the country in 2025 is at record volumes
Climate-resilient debt clauses exist, but a group is working to roll them out to more emerging market sovereigns
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Two major rating agencies now have Colombia on the lowest rung of the investment grade ladder with a negative outlook after Fitch took action on the sovereign. Cries from former finance ministers that it was an inappropriate time for downgrades fell on deaf ears. -
Emerging market bonds are trying to catch the same bid that has gripped investment grade markets, particularly in the US. Now, Latin America borrowers are scavenging once more for chances to print new issues.
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Latin American corporates from across the rating spectrum are taking a range of measures to protect their liquidity in the face of the Covid-19 slowdown, but analysts suggest several defaults are inevitable as the region is hit on several fronts.
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Mexico petrochemicals company Grupo Idesa on Monday issued a supplement to the offering memorandum on a distressed bond swap as it attempts to avoid default by persuading bondholders to push out the maturity on a $300m bond due in December.
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Emerging markets face at least $2.5tr of financing needs and do not possess the resources to fund themselves, said the IMF on Friday. But with bond markets continuing to improve and multilateral development banks increasing their firepower, prospects for EM funding are at least looking more promising than a week ago.
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For years, the best sovereign issuers in the emerging markets would boast that their latest bond deal showed how much the mystical “international financial community” supported the current administration’s macroeconomic management. And EM investors would pretend that buying the stuff was to have the map to Treasure Island.
