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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
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Veteran capital markets banker Richard Taylor has left CLSA after more than two decades at the boutique investment bank. -
The China Securities Regulatory Commission (CSRC) is speeding up the approval process for IPOs and follow-ons for companies impacted by the Covid-19 pandemic, GlobalCapital China understands.
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Argentina’s move to suspend domestic law bond payments for the rest of the year encouraged holders of its foreign law debt, some of who are beginning to spy value in the battered curve.
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Sovereign defaults are part of the territory for emerging market investors but even by the standards of previous crises, surely nothing compares to the economic catastrophe that is rapidly engulfing large parts of the developing world.
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Though Ecuador was already late on debt payments and bondholders were already expecting to be asked to agree to delay coupons, the cash-squeezed sovereign’s bond curve sold off sharply after the government launched a consent solicitation to that end on Thursday afternoon.
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Bondholders appear to be sleepwalking over the precipice of a debt standstill chasm as the fissure of the emerging markets funding crisis yawns wider by the day. The IMF and World Bank have called for a suspension of debt payments to official and private creditors but there is scant evidence that the latter are alive to that possibility becoming a reality. Ross Lancaster, Phil Thornton and Oliver West report.
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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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Sponsored by Emirates NBD Capital
Emirates NBD Capital: An unrivalled conduit for Middle East liquidity
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Sponsored by European Investment Bank
European Investment Bank: Supporting sustainable development in North Africa
