Uruguay placed on the market a new 10-year peso bond for the equivalent of US $ 1,166 million at an interest rate of 8.25% per year, reported the Minister of Economy, Azucena Arbeleche. It is the lowest interest rate in the historical comparison of emissions by Uruguay.
Peru said on Monday an eager market had soaked up its offer of US$ 4 billion worth of debt, including a rare century bond, as the world´s No. 2 copper miner scrambles to raise funds to soften the economic fallout from the coronavirus crisis.
Argentina’s government and its creditors are edging toward a deal to revamp US$ 65 billion in foreign debt but still have a distance to close between an initial offer from the government and counteroffers from bondholders ahead of a Friday deadline.
As Brazilian President Jair Bolsonaro kept his name in the headlines over the last weeks by firing ministers and attacking governors, the Supreme Court and Congress, investors fretted over the prospect of a political crisis on top of the coronavirus pandemic.
Buenos Aires province bonds added to recent losses on Tuesday after the provincial government asked holders for an extension on a more than US$ 250 million payment due later this month, dragging Argentina’s debt lower as well.
The Argentine Peso plummeted to a new low on Monday despite government attempts to curb losses in recent weeks by hiking interest rates and shedding billions in foreign reserves. The Peso fell sharply on opening Monday and closed down 6.2%, trading at 25.52 against the dollar, having lost close to 33% so far this year.
Argentina sold US$ 9 billion in a three-part dollar bond issuance that was oversubscribed on Thursday, covering nearly a third of its expected financing needs for 2018 early in the year. Latin America’s third largest economy sold US$1.75 billion in five-year bonds at a yield of 4.625%, US$ 4.25 billion of 10-year bonds at 6% and US$3 billion in 30-year bonds at 7%, the ministry said. It said the yields were the lowest in Argentina’s history.
The US Supreme Court agreed on Friday to consider a dispute over subpoenas in a case stemming from long-running litigation over Argentina's obligations to bond investors in the wake of its default on 100 billion dollars in sovereign debt in 2002.
Argentina will offer 500 million dollars in sovereign bonds to resolve disputes with corporations at a World Bank arbitration panel, a financial daily newspaper reported on Thursday.
Moody's lowered on Thursday Argentina's foreign-currency bond ceiling to b3 from b2 in line with bonds in local currency on growing concerns of market access for the private sector and local governments.