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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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Just four days after extending the expiry date on an exchange offer, Telecom Argentina has given up trying to persuade bondholders to swap existing 2021s for a combination of longer-dated bonds and cash. -
Brazilian petrochemicals firm Braskem will look to issue new debt to finance a tender offer for three different short-dated bonds.
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Central American development bank Cabei will look to issue its first public green bond in around two weeks as it attempts to enter the universe of true SSA borrowers with a first dollar benchmark in seven years.
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Brazilian port terminal owner Prumo Participações e Investimentos should be able to tighten pricing by quite some way on Tuesday after announcing initial price thoughts that offered a generous pick-up of to similarly rated Brazilian credits.
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The prime minister of Barbados told GlobalCapital’s sister publication GlobalMarkets that she hoped more vulnerable nations would adopt natural disaster clauses in their debt documents to protect themselves from climate events.
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Indigenous groups in Ecuador have condemned the IMF’s mission for failing speak to them before they agreed a $4.2bn rescue plan that included a cut to fuel subsidies that triggered an angry response. A senior IMF official has admitted he cannot recall whether meetings took place.
