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A double digit premium to the dollar curve lured in overseas buyers, who took a 'large chunk' of the bonds
Investors have lots of cash and are eager for new issuance
Investors are keen for new bonds and better rated borrowers may not want to issue in numbers
Data
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The Central American Bank for Economic Integration (Cabei) raised $530m-equivalent of debt in Taiwan and Switzerland this week to complete the bulk of its bond financing for the year, leaving the lender to focus on bilateral funding and further investor relations for the rest of the year. -
While leading economists fret about a reckoning to come for emerging market debt in the wake of the coronavirus pandemic, for vast swathes of EM issuers bond market business is brisk. Despite dire data and forecasts, dollar funding costs for some sovereigns are nearing pre-crisis levels as investors grasp at any sort of yield. The rally may have further to run, write Ross Lancaster and Oliver West.
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Financial market participants have watched in disbelief this week as asset prices have kept rising, while US cities burn, unemployment breaks records, a global depression becomes more likely and the coronavirus pandemic still rages.
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Bondholders in the now infamous EA Partners notes received more bad news this week when Air Serbia, one of the lenders from the special purpose vehicles (SPVs) warned that it could default on its obligations.
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Programmes to cut the debts owed to official and private creditors would deliver much-needed financial assistance to emerging markets hit by the Covid-19 pandemic, according to a report by leading economists.
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Almost three quarters of emerging market companies have an environmental, social and governance, or sustainability policy in place — although that has not yet translated into guaranteed higher returns, according to research by Bank of America.
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Sponsored by CAF – Development Bank of Latin America and the Caribbean
CAF gearing up to transform regional development
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Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
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European Investment Bank: Supporting sustainable development in North Africa
