Latin America

Central American sovereign Belize failed to make a $13m coupon payment on its 2038 bonds this week, after saying it hoped to persuade bondholders to agree to a consent solicitation that would provide significant debt relief.

Inversiones Atlántida, the Honduran financial holding company, could look to issue a debut international bond in March after postponing plans in November when Donald Trump’s election as US president shook markets.

Central Argentine province Córdoba sold $510m of 7.5 year bonds on Wednesday, using proceeds to refinance existing bonds and significantly lower its funding costs.

Central American sovereign Belize said on Monday that it had “deferred” payment of a $13m coupon payment due on its 2038 bonds on February 20 as it seeks to persuade bondholders to participate in a debt restructuring.

Argentine province Córdoba is set to continue the seemingly never ending run of sub-sovereign issuance from Latin America’s third largest economy as it sought seven year money on Wednesday.

The government El Salvador was able to raise $601m of 12 year bonds on Tuesday despite a recent deterioration in credit quality as investors said the sovereign’s yields were offering sufficient reward for the risk.

Argentine credit card company Tarjeta Naranja will look to issue international bonds for the first time after approving a bond sale of up to $300m.

Argentine province La Rioja may have had to settle for a wider yield than some expected on its bond debut on Thursday, but a promising aftermarket performance provided some hope for the shrinking number of provinces yet to issue.

Latin American trade bank Bladex is once again returning to the Asian loan market for a four year deal, marking its longest tenor borrowing from the region so far.

Mexican issuers have earned the confidence of investors through years of astute market relations.

Latin American new issue markets are in for a quiet period, said DCM bankers, though Argentina continues to throw up new borrowers.

The Government of Belize has again extended the deadline for a consent solicitation aimed at easing its debt payment burden, but is yet to improve its offer to bondholders.