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Emerging Markets

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  • Shanghai Pudong Development Bank Co has added to the growing presence of Chinese financial credits in the international debt market with a $500m deal.
  • Martín Guzmán, Argentina’s finance minister, was not to be budged from his position on the country’s debt restructuring offer on Monday evening even as three groups of creditors signed a cooperation agreement to jointly express their rejection of the government’s latest offer.
  • Just weeks after rating agencies stripped the issuer of its investment grade rating, Brazilian petrochemicals giant Braskem sold $600m of hybrid bonds that bankers said showed the company’s commitment to its credit metrics.
  • A small deal size and investment grade ratings worked in GS Caltex Corp’s favour on Monday, allowing the South Korean oil refiner to price a tight $300m bond.
  • Monday’s official launch of Ecuador’s debt restructuring offer split the bond markets, with large creditors claiming that the sovereign had set an example to be followed while others dismissed its approach as “aggressive” and that it set a “harmful precedent”.
  • Mozambique LNG, Africa’s largest project financing investment to date, has secured roughly $15bn of funding from a range of international lenders and credit agencies in one of the few sparks of emerging market loan activity this year. The deal shows there is still appetite for “overlooked” and lower-rated emerging market credits, bankers say.