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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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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. -
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.
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For now, at least, Argentina appears to be asking its domestic bondholders to take the brunt of the government’s efforts to ease cashflow worries amid the Covid-19 crisis, providing upward momentum to foreign law debt prices.
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As investors single out Mexico’s response to Covid-19 as one of the least convincing in Latin America, Fitch threw government-owned oil company Pemex and its $80bn of bonds deeper into sub-investment grade territory on Friday.
