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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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Peruvian holding company Intercorp Peru issued more debt than initially intended on Wednesday after notching a heavily oversubscribed order book in its first international trade since 2015. -
Brazilian conglomerate Cosan returned to bond markets on Wednesday with a $750m 10 year non-call five year trade that bankers on the deal said landed close to fair value.
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Mexico showed that even trickier credit stories could take advantage of the borrower-friendly rates environment, surprising many with a $3bn liability management exercise just two weeks after finance minister Carlos Urzúa resigned.
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Colombian airline Avianca will use a par exchange to attempt to tackle a $550m May 2020 bond maturity, offering noteholders collateral and potential for a coupon increase — if the company is able to renegotiate certain loans.
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Central American sovereign El Salvador will begin meeting bond investors on Wednesday as it looks to issue its first international bond under president Nayib Bukele.
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Brazilian airline Gol reopened its convertible bonds for a further $80m last week, taking advantage of a strong performance of its existing bonds and stock to achieve pricing that the CFO described as “fantastic” and leave the company in a position to continue its liability management.
