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Secondary market selling of private bonds may be wreaking havoc with the primary market for public debt but the trades were still the right thing to do
Sovereign's $3bn deal tightens well as Asian demand returns
The sovereign's public and private bonds of similar maturities are trading over 25bp apart

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  • Devesh Ashra has left his position as co-head of Asia Pacific debt solutions at Bank of America in Hong Kong.
  • A group of Province of Buenos Aires creditors immediately backed the issuer after it significantly sweetened the terms on offer to bondholders in an attempt to dodge a default that could be just two days away.
  • Mexico’s largest airline, Aeromexico, achieved significant price tightening on a five year issue as Lat Am bond buyers said the rare luxury of a 7% handle in primary had piqued their interest, despite acknowledging credit challenges.
  • The Province of Buenos Aires has given itself an extra working day to track down bondholders and persuade them to accept a delay in an amortisation payment as it seeks to avoid a hard default on its debt.
  • Adani Transmission has priced a $310m US private placement, becoming the first Indian company to raise money in that market since 2007. Although some investors still feel scarred by an Indian incident a decade ago, many see this as the dawn of an Indian PP revival.
  • The Gabonese Republic pulled in more than $3bn of demand on Thursday for a $1bn 10 year bond that some observers saw as having been priced flat to its curve.