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Uruguay did not pay much new issue premium, if any
A normalisation of Argentinian borrower access to markets has helped spur issuance
Issuance in euros by LatAm & Caribbean sovereigns is at record levels
The sovereign priced inside paper of similar maturity from Brazil and Colombia
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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. -
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.
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Bondholders are expected to fight a formal restructuring proposal from the Argentine government that should arrive on Friday and proposes heavy haircuts, say market participants. Argentina’s government appears ready to play hard ball.
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Bond markets handsomely rewarded Peru on Thursday for leading the way in Latin America on economic policy reaction to the Covid-19 crisis, notching its lowest ever dollar funding costs. As Peru’s public treasury director said the deal was to increase already substantial liquidity buffers, Lat Am bankers were left hoping the result would encourage more reluctant issuers.
