LatAm Bonds

Banco de Crédito del Perú (BCP) and Sociedad Química y Minera de Chile (SQM) this week took advantage of the popularity and scarcity value of their respective jurisdictions to sell 10 year deals tighter than price thoughts.

Central American supranational Cabei will look to various emerging market currencies to meet the rest of its $800m 2013 funding target, the development bank’s head of capital and financial markets has told Euro-Week after a successful debut dim sum deal raised Rmb500m ($80m) on Monday.

Banco Santander Chile is planning to launch the first transaction from the country’s new covered bond framework, a funding official at the issuer has told EuroWeek. After starting with a domestic deal, the borrower could approach international accounts in the future — but the Chilean model has several quirks that could flummox foreign buyers.

Banco ABC Brasil and Brazilian state Minas Gerais overcame the unusual nature of their deals to tighten yields at the end of last week.

Chilean chemicals company Sociedad Química y Minera de Chile (SQM) has sold a $300m senior unsecured bond due 2023, increasing the size of the deal from an originally-planned $250m after attracting a book of over $2bn.

Banco Santander Chile is planning to launch the first transaction from the country’s new covered bond framework, a funding official at the issuer has told EuroWeek.

Germany, France, the UK, Netherlands and Finland: these are supposedly the invulnerable ones. But with the eurozone crisis slowly abating — despite Italy’s best efforts to keep it going — what does the future hold for these safe havens? Chris Wright finds out if the golden era for core sovereigns has passed.

Peripheral eurozone sovereigns have had a flying start to 2013. But as the poorly received Italian general election and growing public rejection of austerity show, plenty of risks remain — and investors have yet to test the European Central Bank’s claim to do “whatever it takes” to save the currency bloc. Craig McGlashan reports.

Investors are sharpening their focus on niche currency markets as yields on euro and dollar denominated paper plummet. While Swiss investors face slim pickings on account of a punishing basis swap, investors in Europe and Asia are heading south to pick up high-yielding Kangaroo and Kauri paper. Nathan Collins reports.

Privately placed euro medium term notes from SSAs are down on last year amid buoyant demand for public deals. But there are still opportunities in an evolving market, as investors and issuers remain flexible, new names launch programmes and traditional euro commercial paper buyers pick up longer dated EMTNs, reports Craig McGlashan.