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Issuers struggle over what concessions investors will require
Issuance in March was never going to be hefty after a record start to the year
Government borrowing costs are rising on local and international markets, and credit ratings are falling
Sovereign also added $300m to a long-dated dollar note
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Even the top-rated emerging markets corporates are mostly preferring to keep cash on hand rather than take advantage of a sharp fall in bond prices to repurchase debt cheaply, bond bankers said this week.
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Latin American governments looking to shore up their economies in the fact of the coronavirus pandemic generally have less room for fiscal stimulus than they did before the 2008 financial crisis, warned Fitch Ratings on Wednesday as the region’s bond markets plunged even further. -
Colombia’s Ecopetrol became the first of Latin America’s major 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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Latin America bond issuers and investors were thrown deeper into the coronavirus crisis on Monday, with Friday’s spread tightening more than cancelled out as the US Federal Reserve’s surprise 100bp rate cut on Sunday failed to arrest a fall in risk assets.
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Though Latin American bonds offered some consolation to investors on Friday, the relief is likely to be short-lived as the region buckles down to fully face the effects of the coronavirus pandemic.
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A sharp sell-off in Argentina’s international bonds is likely to have a major impact on the government’s attempts to restructure nearly $70bn of debt, but there was disagreement as to whether lower secondary prices would make life harder for the borrower.
