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Private bonds are now being offered in the open market wider than where public deals trade
Even as USTs stay near 5%, supply expected to pick up
Elevated new issue premiums to battle issuer desire to avoid more volatility
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Citi has made two senior changes to its Asia Pacific financial institutions group (FIG), according to an internal memo seen by GlobalCapital Asia on Friday.
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Caribbean island nation Barbados took bond markets by surprise last Friday by announcing a restructuring of all external debt, abruptly ending the hope that the new government — and its openness to the IMF — had brought to bondholders.
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Investors owning $12.836bn-equivalent of Petrobras dollar and euro bonds offered to sell their notes in a tender offer before Tuesday's early bird deadline — more than three times the $4bn limit that the Brazilian oil company had set for the buy-back.
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Chilean electricity company Enel Chile pounced on improving market conditions to raise $1bn of 10 year bonds on Thursday, after attracting the largest order book for a Lat Am dollar deal in several months.
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South American development bank CAF took the unusual step of issuing in euros just four months since its last outing in the currency, after eying an opportunity in a favourable basis swap.
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The Central Bank of Russia (CBR) is planning new rules from the start of July that will ramp up the risk weighting on foreign currency loans, which is expected to lead to a tumble in non-ruble lending in the country at a time when international banks are steering clear. Mike Turner reports.
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