Americas
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Even after weeks of political crisis, protests across the country, the government’s desperate scrambling for cash and a default on a loan from Russia, Venezuelan bond prices remain principally driven by oil prices. -
Brighthouse Financial became the first dollar issuer to come out of the blocks following the Federal Reserve’s decision to raise rates on June 14.
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Bond investors in Latin America are short of ideas as to what could provoke a sell-off that they see as necessary to release steam as borrowers make hay in highly attractive conditions.
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Lat Am DCM bankers said that Uruguay had done a fine job of convincing investors to buy into its inflation-busting story after the sovereign issued its first ever nominal global peso-denominated bond.
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Latin America’s best rated sovereign Chile will follow up this week’s euro and dollar bond issues with a local market trade targeted at international investors as it looks to build out its peso-denominated curve.
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Meatpacker Minerva sold the first Brazilian cross-border bond since renewed corruption allegations against Brazilian president Michel Temer shook the market last month, tapping its 2026s for a further $350m.
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Remarkably supportive conditions in the euro market allowed some rare SSA names to pull off strong deals this week, including a debut in the currency and a return from a two year hiatus.
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Apple was ripe for the picking this week as investors gobbled up its second green bond offering. But dollar bond supply was otherwise subdued as issuers tip-toed around the two-day meeting of the Federal Open Market Committee (FOMC).
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US telecoms company AT&T returned to European markets on Wednesday with a £1bn September 2037 bond, as it followed up a €7bn multi-tranche deal it sold just a week earlier.
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Public sector borrowers could bring deals in euros and dollars next week, said SSA bankers, although supply is likely to be fairly muted with many funding officials descending on London for the annual Euromoney Global Borrowers conference.
