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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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A recent innovation in the green bond market — the transition bond — could help expand the issuer base, according to Credit Suisse’s head of environmental, social and governance strategy. But an investor said the standard of green bonds needed to be maintained. -
Colombian natural gas distribution company Promigas had a smooth time on its first international bond market outing. Bankers said new issue markets in Latin America would continue to tick over, despite political volatility across the region.
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The Inter-American Development Bank has published a report promoting the use of covered bonds as a funding tool for green developments in Latin America and the Caribbean. But it remains to be seen whether risk-averse covered bond investors are ready to take the plunge into emerging markets — particularly given regulatory hurdles in the swaps market.
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Chilean copper miner Codelco is having trouble persuading existing note holders to part with their paper, after printing $2bn of new debt at record low yields in September.
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Crisis-hit countries that go through a painful debt restructuring programme as part of a bailout enjoy much steeper cuts in their medium-term debt, according to an independent analysis of International Monetary Fund rescue programmes.
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Brazilian ECM has surged this year, thanks to a belief in president Jair Bolsonaro’s plans for the economy. Brazilian corporates have taken advantage of investor excitement to raise more than $15.4bn in equity financing over the first three quarters of 2019. But this could be just the start, with a wave of privatisation also possible.
