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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 pulp and paper producer Suzano and Chilean copper producer Codelco got Latin American bond markets going this week with smooth dollar deals.
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Brazilian lender BTG Pactual will hit the road next week as it looks to capitalise on improving investor sentiment around Brazil, in order to issue a 10 year non-call five Basel III compliant tier two note.
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Latin America bond investors cheered moves from the US government to up the pressure on Venezuelan president Nicolás Maduro to leave office this week, but a side-effect of sanctions left PDVSA creditors trapped, to the confusion of many. Oliver West reports. -
Bonds from two of the most important issuers in Latin America sank this week as they neared fallen angel status, but some investors said that there was a danger of overshooting.
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Ricardo Martínez, Ecuador’s finance minister, insisted a bond the sovereign issued on Monday was necessary, despite credit analysts saying the country cannot sustain issuing at high rates.
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Pacific Gas & Electric has gone bankrupt with $52bn of debt, blaming forest fires that seared California during 2018. Vale, with $11bn, has been downgraded to the bottom edge of investment grade after its horrific dam burst last Friday.
