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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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Development lender the Central American Bank for Economic Integration (Cabei) raised $170m-equivalent of three year money on Tuesday after heading to the Mexican bond market, where investors see the bank as a haven credit, the bank’s CFO told GlobalCapital. -
Mexican petrochemicals company Grupo Idesa is offering bondholders a collateral package and higher coupon to participate in a bond exchange that would allow it to avoid default later this year.
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Ecuador will make a $325m bond maturity payment on Tuesday as it looks to unlock $2bn of further funding that the finance minister will be “immediately” accessible. But the sovereign will delay $245m in coupon payments later this week, and the minister did not confirm that these payments would be made when the new loans arrive.
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Martín Guzmán, Argentina’s finance minister, said on Friday afternoon that the country was “ready to intensify interaction” with international bondholders ahead of a debt restructuring. But with authorities set to announce further spending to protect its people from the economic impact of Covid-19, the IMF echoed the government’s view that a fiscal surplus was unfeasible in the short term.
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Colombia’s Ecopetrol became the first of Latin America’s big national oil companies to launch an action plan to combat the continued fall in oil prices as it looks to preserve cash.
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Emerging market bond conditions got worse and worse this week as investors struggled to sell bonds quickly enough to keep up with outflows. Though some investors said they had lined up a shopping list of cheap purchases, it could be some time before they decide to pounce.
