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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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Latin America’s largest private sector lender Itaú returned to bond markets for the second time this year, following up January’s senior unsecured deal with an additional tier one perpetual note that was five times oversubscribed. -
The US Treasury slapped sanctions on a Rosneft subsidiary on Tuesday for brokering sales of Venezuelan crude oil that supported president Nicolás Maduro’s government. Some expect this to be the first of similar actions, in the run up to the US presidential election.
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Colombia consumer and payroll lender Credivalores will buy back nearly $155m of its senior unsecured bonds maturing in 2022 after completing a tender offer for the notes.
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Privately held Argentine power generator Stoneway Capital Corporation has asked bondholders to postpone an amortisation payment on its senior secured bonds as delays from government energy distributor Cammesa begin to bite.
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The International Monetary Fund maintained that relations with the Argentine government were “constructive” after a staff mission met economy minister Martín Guzmán on Friday afternoon.
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Argentina appeared to adopt a firmer posture on debt restructuring negotiations this week, as it postponed repaying a domestic bond held mostly by foreigners. Economy minister Martín Guzmán told the country's Congress that he would “not let foreign investors set the tone for macroeconomic policy”.
