LatAm Bonds
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State-owned Brazilian bank Banco do Brasil will begin a European roadshow on Friday ahead of a potential euro-denominated deal, but new issue activity in Latin America remains thin as US Treasury volatility makes conditions difficult for issuers.
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Reports from Moody’s and Standard & Poor’s show that, while credit conditions generally remain favourable across Latin America, Central American and Caribbean sovereigns continue to struggle.
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Brazilian conglomerate Odebrecht is looking to take advantage of the desire by the Brazilian government and Petrobras to develop the local oil and gas industry to issue up to $1.88bn of senior-secured 144A/Reg-S bonds backed by flows from ultra deep water drilling contracts.
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Spanish casino group Codere’s bonds came under pressure this week, after Moody’s downgraded the company. The rating agency thinks that "it is unlikely that Codere will be able to avoid restructuring its balance sheet".
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The dollar market for sovereign, supranational and agency issuers goes from strength to strength, absorbing large issue sizes at increasingly aggressive spreads, leading some bankers to ask what could derail this flourishing market.
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Mexican retailer Grupo Famsa removed any doubts some bankers may have had about conditions in the high yield market in the country, even overcoming external wobbles to price a $250m seven year non-call four bond well inside guidance on Thursday afternoon.