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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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The Asian Infrastructure Investment Bank (AIIB) has approved a Rmb2.485bn ($355m) emergency loan to China. It will be used to upgrade public health infrastructure in Beijing and Chongqing and provide emergency equipment and supplies to the two cities. -
The Republic of Indonesia turned to the bond market on Monday to fund its Covid-19 relief efforts, raising $4.3bn from a triple-tranche deal. Investor demand for long-dated tenors encouraged the country to offer a 50 year note as part of the trade, making it a first for Asian sovereigns.
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Rating agencies have continued their policy of taking swift action on Latin American governments as Standard & Poor’s removed its positive outlook from Brazil, the region’s largest economy, citing political opposition to President Jair Bolsonaro as a key reason.
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For now, at least, Argentina appears to be asking its domestic bondholders to take the brunt of the government’s efforts to ease cashflow worries amid the Covid-19 crisis, providing upward momentum to foreign law debt prices.
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More than 100 charities and other organisations are urging that developing countries' debt payments be cancelled this year. They have called for interest and principal payments to be withheld from public and private sector lenders.
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Eurozone sovereigns extend their syndication spree this week with Cyprus and Ireland mandating banks for new deals on Monday. Both sovereigns are preparing bigger funding programmes in response to the coronavirus pandemic.
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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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