South America
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Though Latin American bonds offered some consolation to investors on Friday, the relief is likely to be short-lived as the region buckles down to fully face the effects of the coronavirus pandemic.
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A sharp sell-off in Argentina’s international bonds is likely to have a major impact on the government’s attempts to restructure nearly $70bn of debt, but there was disagreement as to whether lower secondary prices would make life harder for the borrower.
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Moody´s slashed Bolivia’s credit rating from Ba3 to B1 and placed its outlook on negative as it warned of a “material erosion” of the landlocked country’s fiscal and foreign exchange reserve buffers in recent years.
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The Inter-American Development Bank officially postponed its Annual Meeting from March until early September on Tuesday, confirming what many potential attendees had expected.
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On what some EM investors described as the worst day for markets since 2008, Latin American bond buyers were left staring at a sea of red as the region’s fixed income markets were stunned into dysfunction by the sharpest fall in oil prices since 1991.
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The Province of Buenos Aires said on Monday that it had hired Bank of America and Citi to advise it on its debt restructuring.
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Even as yields in Latin America’s top-rated credits reach all-time lows amid a US Treasury rally, volatility will likely prove too tricky for most of the region’s issuers to navigate primary markets in the short term, said bankers.
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Holders of Argentine sovereign bonds have until March 16 to identify themselves to the issuers as the government prepares to restructure $67bn of foreign law sovereign bonds.
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Chilean power generator Colbún saw its new 10 year bond rocket on the break as Latin American credit was driven tighter by a rally in global markets.
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On the day that the yield on 10 year US Treasuries dipped below 1% for the first time ever, Chilean power generator Colbún batted away amid market volatility to not only reopen the Latin America new issue market but clinch the lowest coupon on its curve.
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Argentina's economy ministry has appointed two dealer-managers and a financial advisor to manage the restructuring of the country’s $67bn of foreign law sovereign bonds.
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China’s importance in global pulp and zinc markets puts pulp producers Suzano and Arauco — alongside Peruvian miner Volcán — among the Latin American corporates most vulnerable to the coronavirus (Covid-19) outbreak, according to Fitch Ratings.