South America
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President Maduro’s surprise restructuring announcement only makes things murkier for Venezuelan bondholders. -
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.
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Brazilian investment bank BTG Pactual is looking to buy back 30% of old perpetual notes via a tender offer it will finance with cash.
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Venezuelan president Nicolás Maduro’s announcement on Thursday that he would restructure the country’s debt left bondholders in “no man’s land”, after he appointed a politician that no US person is allowed to deal with as head of the restructuring group.
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Argentine lender Banco Hipotecario and Colombian utility EPM sold local currency deals on the international market this week but market participants said a limited buyer base is restricting momentum in these types of trades.
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Inkia Energy, the Latin American power generation and distribution holding company, returned to the bond market on Thursday with a deal that divided opinion on relative value but performed strongly in the grey market.
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Argentina this week jumped on momentum driven by the government’s impressive recent election performance to attract €11.5bn of orders for a triple tranche euro denominated bond — including a 30 year note that is rarely seen in the currency from EM borrowers. Oliver West reports.
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Waiting for a default on Venezuela’s bonds has been like waiting for Godot. Low oil prices and macroeconomic mismanagement have led to a catastrophic collapse in economic activity. Our colleagues in country risk are forecasting a 7.5% GDP contraction.
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Argentina has released price guidance for a €2.5bn triple tranche bond at levels a trader in London described as shockingly wide, while investors started to fret about how much debt the country takes on.
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Latin American power generation and distribution holding company Inkia Energy is likely to sell a new 10 year non-call five bond on Thursday after wrapping up investor meetings on Wednesday.
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Argentine lender Banco Hipotecario returned to the international markets with a peso-linked deal on Wednesday, becoming the fourth Latin American issuer to sell global local currency bonds in two weeks.
