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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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As Latin American bonds suffer from broader market volatility, potentially closing the primary market window to riskier names, Fitch said on Monday that Mexico’s budget would be strained in the face of weak growth and lower oil revenues. -
Swiss firm responsAbility Investments has closed a $175m microfinance CLO via JP Morgan, revitalising an industry which last saw issuance before the financial crisis.
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A senior secured bond from Brazilian MV24 Capital performed well on the break on Friday, shrugging off global market concerns, with new issuance from Latin America likely to be limited in the next few weeks.
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International investors this week enthusiastically bought a $500m ‘sustainable transition bond’ issued by Marfrig, the second biggest Brazilian beef producer. The deal highlighted its efforts to make its supply chain more sustainable. But Greenpeace, the environmental NGO, argues it is impossible to be sure the supply chain does not include harmful practices.
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Investors happily agreed to buy new senior secured debt from a Petrobras service provider at a healthy pick-up to the oil giant’s curve on Thursday, but a cancelled deal from Argentina suggested idyllic conditions for Lat Am issuers were slightly fading.
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The latest idea captivating sustainable finance enthusiasts is transition bonds.
