When Russia announced a moratorium on its debt payments and a rouble devaluation, Latin American debt traders had only one thing to say: “The markets are closed.”
Venezuela’s $100 million 20-year issue came to market in July and is likely to be the last Latin sovereign issue for at least four to six months, say bankers. “Every single deal is being pulled,” says one. “They are on hold indefinitely.”
The question is how long Latin American sovereigns, not to mention the lesser-quality corporates, can survive without tapping the international capital markets.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
