LatAm Bonds
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FADE’s daring dive into the capital markets after being locked out of the market for a year paid off handsomely this week. Lead managers Barclays, BBVA, Crédit Agricole and Santander received orders of well over €2.5bn for the three year bond, comfortably justifying a €1.75bn print and a 10bp tightening from initial price guidance.
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America Móvil drew strong demand from Latin American and international investors this week for the first ever europeso issue.
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El Salvador received a warm welcome on its well-signalled return to the dollar market this week while a string of names from Mexico and Chile fed ravenous demand for Latin American corporate paper.
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A healthy pipeline of predominantly high yield Latin American deals are promising a brisk end to the month when primary markets re-open after Thanksgiving in the US.
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European money market funds are not joining their US counterparts in increasing their exposure to emerging market bank debt, according to Euro-commercial paper dealers.
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Emerging market banks are taking an increasing share of US prime money market funds’ cash as managers replace US and European assets with debt from countries including Brazil, Chile and India.
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Spain’s Telefónica made its debut appearance in the Swiss franc bond market on Tuesday, pricing a Sfr400m dual tranche deal. While the leads had to soothe investors about the operator’s struggling Spanish business, recent successes in Latin America left investors more comfortable with the name.