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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
Sovereign also added $300m to a long-dated dollar note
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Traders expect bondholders to grant waiver to allow quasi-sovereign to dodge default
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Colombian NBFI staves off default worries
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Utility turns to banks after Moody’s warns on bond refi risk
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Votorantim Cimentos launches buy-back as América Móvil wraps tender
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EM borrowers turning to bank finance but loan market window will not last forever
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Though EM bond markets are in a torrid state, spreads have held in. It suggests the worse could be yet to come