Latin America
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The more we learn, the less we know about what happens next when it comes to Venezuelan debt. -
The sterling corporate bond market took until Wednesday to join the issuance frenzy the euro market had enjoyed in the first half of the week, but three deals in two days reminded issuers and investors that it is still an option to be considered into the end of 2017.
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On Thursday, the sterling corporate bond market reminded participants it was still going strong after the euro market had dominated the first half of the week. Petroleos Mexicanos, also known as Pemex, and Western Power Distribution followed the success of Wednesday’s deal from Manchester Airport.
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Brazilian pulp and paper producer Suzano Papel e Celulose is looking to buy back a further $300m of its existing 2021s, just a month after wrapping up a previous tender offer for the same notes.
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The world’s largest bread maker, Grupo Bimbo, returned to bond markets on Tuesday after a three year absence. Its 30 year bond was sold mainly to US investment grade buyers, despite the issuer’s Mexican nationality.
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Axtel, the Mexican telecoms company, is meeting investors for a planned senior unsecured bond issue. Investors say the firm is almost unrecognisable from the one that carried out a distressed debt exchange in 2013.
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Holders of PDVSA’s 2017 bonds were suddenly filled with dread by Tuesday’s close as rumours of the overdue maturity payment being made could not be confirmed. Its credit default swap price worsened on the expectation a credit event would be declared.
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While it is tempting to think of capital markets-friendly President Mauricio Macri as having wiped Argentina’s slate clean, it is not yet time for EM investors to forgive and forget.
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Panamanian lender Multibank sold $300m of five year bonds on its first US bond market outing on Monday.
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President Maduro’s surprise restructuring announcement only makes things murkier for Venezuelan bondholders.
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Despite Venezuela offering some further colour on its proposed debt restructuring on Friday, the government’s plan is still unclear as its bond prices plummeted.
