LatAm Bonds
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Dealogic league tables of loans transactions, September 19, 2013.
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Year to Date Latin America DCM Bookrunner Ranking
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Latin American bond markets experienced another issuance-free day but events north of Mexico on Wednesday could shape the rest of the year’s DCM activity in a way that few, if any, market participants were expecting.
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Several SSA borrowers are circling the market ahead of the Federal Open Markets Committee meeting on Wednesday. Although issuers have avoided trying to engage investors in what could prove a volatile week, several are in the pipeline to take advantage of the calmer markets expected next week.
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LatAm bond syndicate bankers expect sovereign issuers to restart the market after a three day hiatus brought on by the US Federal Open Market Committee (FOMC) meetings on Tuesday and Wednesday.
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Holders of Brazilian meatpacker Marfrig’s 2016 senior notes tendered $187.574m, 50.02% of their bonds, by the early bird deadline of September 13, just enough to allow the company to “eliminate substantially all of the restrictive covenants”.
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Dealogic league tables of bond transactions, September 11, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.
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Dealogic league tables of bond transactions, September 11, 2013. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.
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LatAm DCM bankers praised Colombian oil company Ecopetrol’s decision to come to market this week with its second ever international bond, despite it having to offer a hefty pick-up both to the borrower’s existing bond and Colombian sovereign paper.
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Peruvian holding company Inkia Energy kicked off LatAm bond issuance this week with a $150m tap of its outstanding 2021s.
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BB- rated TV Azteca raised $500m of Reg S only bonds late on Thursday and three more corporates will seek to confirm that LatAm high yield is open on Friday, having released price talk earlier in the week.
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