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It is not clear what needs to be restructured, and the coming debt analysis may lack credibility
The outcome from a fiscal policy perspective is 'binary', said an emerging markets debt investor
One Brazilian company printed in a tricky period for the country's corporate borrowers
Rede D'Or rode over investor concerns about the health of Brazilian corporates, while Edenor landed its first benchmark bond
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Latin America bonds may not be immune to the generalised improvement in tone in credit markets this week, but that secondary markets remains dysfunctional and a return to primary market action could be some way away. -
Mauricio Cárdenas, Colombia’s finance minister in 2012-18, has told GlobalCapital that emerging market nations would struggle to raise the financing required to fund measures to treat the Covid-19 pandemic and consequent economic slump. “Difficult years are coming” for EM, warned the former official.
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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.
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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.
