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It will be better for all in the long run if Venezuela can prioritise domestic spending over debt repayments
◆ Venezuela embarks on historic debt restructuring ◆ Canada suggests covered bond boost ◆ European Secured Notes are here. Regulate them
It is not clear what needs to be restructured, and the coming debt analysis may lack credibility
The outcome from a fiscal policy perspective is 'binary', said an emerging markets debt investor
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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. -
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.
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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.
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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. The airline’s CFO said on Thursday that he felt positive the exchange would go ahead in its existing form.
