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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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One of the worst ever weeks in markets spared no asset class, and investors warned that Latin America’s mostly commodity-oriented economies were in a particularly bad spot as the region’s oil producers led EM losses in both corporates and sovereigns. -
President Lenin Moreno’s announcement of austerity measures that could raise $2.25bn, as well as the possibility of cheaper bank loans, was not enough to stop Ecuador’s bonds plunging towards the 40 mark as oil prices fell further on Wednesday. But the sovereign is expected to make a $350m coupon payment on March 24 and some are seeing signs of encouragement in the government’s reaction.
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Moody´s slashed Bolivia’s credit rating from Ba3 to B1 and placed its outlook on negative as it warned of a “material erosion” of the landlocked country’s fiscal and foreign exchange reserve buffers in recent years.
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The Inter-American Development Bank officially postponed its Annual Meeting from March until early September on Tuesday, confirming what many potential attendees had expected.
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Bond syndicate bankers covering Latin America were not ruling out a return of new issuance in the next two weeks as the market tone improved on Tuesday after a bleak Monday. But with fears around negative fund flows growing, it may be hard to persuade investors to put cash to work even if valuations look attractive.
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On what some EM investors described as the worst day for markets since 2008, Latin American bond buyers were left staring at a sea of red as the region’s fixed income markets were stunned into dysfunction by the sharpest fall in oil prices since 1991.
