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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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Industrias Peñoles announced on Tuesday that it will return to the bond market in September after a seven year absence. One investor called the mandate a “healthy sign” ahead of the September opening of the primary market. -
Bond investors say that market sentiment in Latin America has emerged mostly unscathed from brutal sell-off in Argentine assets over the last two weeks and that the tone should be positive going into a busier period in September.
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Ecuador’s sovereign bonds traded up on Wednesday as Fitch removed the borrower from negative outlook on the back of lower short-term financing risks.
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Argentine sovereign bonds closed broadly flat on Tuesday as the central bank governor and new finance minister appeared to say the right things to appease markets and the IMF confirmed it would visit the country soon.
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Mexican lender Banco Mercantil del Norte (Banorte) is looking to sell its third Swiss franc bond, breaking a two-week hiatus in cross-border issuance from Latin American borrowers.
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Downgrades from two rating agencies crowned a disastrous week for Argentine assets, and there was no relief over the weekend as the finance minister resigned and the country’s likely next president appeared to hint at the possibility of debt restructuring.
