Caribbean

State-owned Trinidadian power plant Trinidad Generation Unlimited (TGU) began meeting investors on Wednesday ahead of a planned bond debut.

Bermuda’s first bond in three years traded up on Wednesday despite a mixed tone in Latin American credit markets.

Island nation Bermuda is understood to be targeting Tuesday, October 11 to issue its first bond in three years, according to one investor, after beginning a roadshow earlier this week.

Island nation Bermuda is understood to be meeting bond investors this week ahead of a planned new dollar bond.

Standard & Poor’s downgraded Barbados’s credit rating from B to B- on Friday, provoking an angry reaction from the leader of the opposition as the sovereign has crashed from investment-grade as recently as 2012 to the edge of full triple-C status.

Jamaica will replace $785m of existing bonds with cheaper, longer dated debt after wrapping up a tender offer for its 2017s and 2019s on Friday.

Mexico and Jamaica carried out triumphant, credit positive liability management exercises this week, as Latin American bankers saw little to suggest the overwhelming demand for yield helping to drive activity in the market will soften in the near term.

Jamaica announced initial price thoughts of 7% for a reopening of its 8% 2039 bonds on Wednesday as it looks to raise funds to finance a tender offer for its 2017s and 2019s.

Caribbean island nation Jamaica is planning to issue a new long dated bond to buy back short term debt on Thursday as it looks to take advantage of highly liquid new issue markets and the strong performance of its existing bonds.

An auction to settle senior credit default swaps referencing the Commonwealth of Puerto Rico will take place on August 17, the International Swaps and Derivatives Association’s Determinations Committee has agreed, following the US territory’s failure to pay credit event.

US territory the Commonwealth of Puerto Rico has triggered a failure to pay credit event, the International Swaps and Derivatives Association’s Determination Committee has ruled after a week of deliberation.

ISDA’s Determination Committee was in its third day of deliberation on Thursday over whether the Commonwealth of Puerto Rico has triggered a failure to pay credit event, following the island having suspended as much as $1bn of general obligation debt payments that it was scheduled to make on July 1.