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Fondo Mivivienda restarts issuance, but is not the best read across for most LatAm issuers
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
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Brazilian mining giant Vale’s bonds led losses in emerging markets on Wednesday after Moody’s became the first rating agency to put the notes on the junk pile in reaction to a tragic dam collapse. -
Emerging markets investment manager Ashmore reckons Ecuador could remain active in global debt markets despite agreeing $10bn of financing from multilateral institutions last week to significantly reduce default risk.
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Colombian airline Avianca could tap investors for a new bond issue in the coming weeks as it looks to refinance an existing bond maturing in May 2020.
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Latin American bond bankers were left envying colleagues covering other markets as the region missed out on strong global credit conditions with a dead week for new issue activity.
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Bonds issued by Mexican state oil company Pemex have had a torrid week after support measures announced by the government did not reassure markets.
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Latin America's primary bond market has had its slowest start for nine years despite strong appetite for emerging market debt. This has presented an unexpected opportunity for issuers, and those from Brazil are best placed to take advantage.
