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Issuer closes its first overseas trade since Moody's downgrade in May
Progress to bring down government deficit will be slow, warn economists
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
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A Russia euro-denominated bond has taken investors by surprise this week, as emerging markets issuers seem to be taking their last gasps in the bond market this year.
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Ecopetrol, the Colombian state oil company, said on Wednesday that it would redeem a $1.5bn bond maturing in 2019 with cash and confirmed that next year’s $3.5bn-$4bn investment programme would be self-financed. Colombia continues to provide slim pickings for bond markets. -
Bondholders of Brazilian mining group Vale have taken the chance to decrease their exposure to the rapidly deleveraging company with relish, as investors holding over $3.8bn of paper attempted to participate in a tender offer capped at $1bn.
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Odebrecht Engenharia & Construçäo finally admitted defeat in its attempt to avoid default on Monday, as it acknowledged it would not be making a $11.5m coupon payment due on its $519m of 4.375% bonds due 2025, paving the way for a restructuring.
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Bonds issued by central American sovereign Costa Rica rallied as much as four points on Monday after the country's constitutional court gave investors a positive surprise, approving fiscal reform that should improve market confidence in the borrower.
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Colombo-Canadian oil company Frontera Energy managed to persuade 91.16% of its creditors to approve an amendment in its bond indenture that will allow it to make larger payments to shareholders.
