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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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Mexico’s largest airline, Aeromexico, achieved significant price tightening on a five year issue as Lat Am bond buyers said the rare luxury of a 7% handle in primary had piqued their interest, despite acknowledging credit challenges. -
The Province of Buenos Aires has given itself an extra working day to track down bondholders and persuade them to accept a delay in an amortisation payment as it seeks to avoid a hard default on its debt.
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Latin American bond markets reached record levels of January issuance this week as primary activity ticked over despite the scare about the coronavirus, which the World Health Organisation declared a global emergency on Thursday.
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The concessionaire on a 50km toll road in Kingston, Jamaica will begin meeting fixed income investors on Friday ahead of an international bond deal, as bankers say rarer issuers are likely to dominate supply for the foreseeable future.
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Buenos Aires Province has offered more incentives to bondholders to encourage them to accept a three-month delay of a small debt payment. The move makes the Argentine sovereign’s aim to restructure all its external debt by March 31 as ambitious.
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Mexican non-bank lender AlphaCredit became the latest company from Latin America to schedule fixed income investor meetings as bankers say smaller, high yield issuers are likely to dominate forthcoming supply.
