LatAm Bonds
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Two Brazilian cattle product firms are set to steal primary market attention this week as they prepare to issue having seen their bonds trade up in a secondary market rally.
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Latin American borrowers re-entered the capital markets this week after a dormant first week of the year, led by Mexico (see above). Brazilian merchant bank BTG Pactual raised $1bn at what bankers said was a negative new issue premium.
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The United Mexican States became the first Latin American borrower to issue an international bond this year, raising $1.5bn on Monday with a tap of its 2044 bond.
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Westpac became the first of the big four Australian banks to issue in 2013, selling a dual tranche SEC registered senior unsecured dollar deal on January 7. The borrower priced a $1.4bn 0.95% three year tranche at 60bp over US Treasuries and a 1.6% five year tranche at 80bp over.
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The capital markets were in fine fettle for the first two trading days of the year, after US politicians hammered out a last minute reprieve for the country’s economy on New Year’s Day by agreeing a compromise on tax cuts.
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A trio of Andean issuers became the first Latin American names to hit the road in 2013 as bankers geared up for a surge of primary market activity in the wake of Friday’s US employment data release.
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