LatAm Bonds
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Colombian state-owned development finance agency Findeter is planning its first ever international bond issue for the second half of 2013 as it looks to diversify its sources of funding, according to an official at the company in Bogotá.
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Bankers close to the deal said that Empresa de Telecomunicaciones de Bogotá (ETB) was very happy with the result of its first foray into the international bond markets as it priced a 10-year $300m-equivalent Colombian peso 144A issue at par with a coupon of 7%.
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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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