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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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Brazilian state-owned development bank Banco Nacional de Desenvolvimento Econômico e Social (BNDES) will buy back nearly $650m of existing bonds, including over half of its existing green bond. -
Latin American DCM bankers are hoping that Brazilian pulp and paper producer Suzano Papel e Celulose gave the market the fillip it needed as the borrower enjoyed smooth execution on a surprise outing on Monday.
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Soft demand and higher costs continue to hit Grupo Kaltex, leading Standard & Poor’s to downgrade the Mexican textiles company to B- last week and maintain the bonds on negative outlook.
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Syndicate bankers say more Latin American issuers could follow Argentine oil and gas company YPF and Brazilian state-owned bank BNDES in buying back existing bonds as low dollar prices make tenders attractive and can provide investors with liquidity.
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Owners of Barbados’s international bonds are set to put up resistance to the sovereign’s restructuring plans, complaining that they have had poor communication from the defaulted government.
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Some emerging markets (EM) syndicate bankers in New York are daring to dream that there could be new issuance from Latin America next week, but several buy-side players are less than enthusiastic at the prospect of new deals.
