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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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Mexican state-owned oil company Pemex will prepay just $62m of two bonds maturing later this year after receiving a tepid response to its tender offer.
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Peruvian fresh food exporter Camposol tightened pricing on its new bond by well over 50bp from initial price thoughts on Tuesday as bankers said the price discovery exercise had exceeded expectations.
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Colombian financial conglomerate Grupo Aval found idyllic conditions on its return to international bond markets on Tuesday after an eight absence, offering a minimal concession to existing notes issued by its largest subsidiary.
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Bankers and investors say that the Province of Buenos Aires is facing difficulties in persuading 75% of bondholders to support a two month delay in debt payments, prompting the government to offer a sweetener in the shape of advance interest payments.
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Mexico’s largest airline Aeromexico will begin meeting fixed income investors on Monday as it plots what would be its first ever international bond issue.
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Three Latin American companies issued bonds on Thursday and three more are meeting investors, as borrowers of all shapes and sizes assess the appetite for their debt.