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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 surprise result in last Sunday's primary elections in Argentina triggered hefty losses for emerging market investors this week. Many feared another sovereign default as Argentina assets, and its currency, took an absolute kicking. But by Thursday, writes Oliver West, some felt that bruised and battered investors could be missing out on a chance to snap up cheap assets. -
Colombian airline Avianca is offering bondholders the chance to swap unsecured bonds at par for new secured debt as it looks to stave off a looming maturity and clinch $250m of shareholder funding. The airline’s CFO said on Thursday that he felt positive the exchange would go ahead in its existing form.
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Colombian airline Avianca is offering bondholders the chance to swap unsecured bonds at par for new secured debt as it looks to stave off a looming maturity and clinch $250m of shareholder funding.
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Bonds issued by Colombian financial holding company Gilex and its subsidiaries widened on Tuesday as the lender’s proposed acquisition of BBVA’s Paraguayan bank triggered a downgrade review from Moody’s.
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As Argentine assets endured a torrid Monday on the back of Mauricio Macri’s poor performance at the weekend’s primary, analysts warned that the peso’s harsh devaluation would push public debt — which is largely in hard currency — up to perilous levels. This could accelerate a sovereign default, said Capital Economics.
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Bond market analysts said that conversations about Argentina assets would return to the likelihood of default as market-friendly president Mauricio Macri suffered a heavy defeat in Sunday’s primary elections.
