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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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While US market participants were on holiday last week, Brazil’s lower house passed legislation that is central to bond investors’ optimistic thesis on Latin America’s largest economy. -
Brazilian state-owned oil company Petrobras is to continue its deleveraging process by using cash to buy back up to $3bn of existing bonds, giving first priority to euro and sterling paper.
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Two Latin American companies announced bond roadshows this week, with a third launching a tender that will require a new issue, as the region’s issuers flock to the low rate environment and gradually rehabilitate disappointing issuance volumes.
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Pampa Energía followed YPF into the international bond markets on Tuesday as Argentine issuers returned after a 14 month hiatus. Investors believe there is scope for certain corporates and even provinces from the country to take advantage of renewed market access.
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The Latin America primary bond market was quiet this week thanks to dollar investors instead enjoying the US Independence Day holiday, but bankers say sentiment is at its strongest at least since January 2018 as several of the region’s issuers lined up roadshows.
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It has been a sensational couple of weeks in emerging markets, with money flooding in and asset prices climbing ever higher, but the influx of new money is driving down yields further than some investors feel is justified.
