LatAm Bonds
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Uruguay’s return in the long end and a tightly priced dollar debut from Mexican petrochemical firm Alpek provided the highlights in Latin America’s bond markets this week as the rush of supply following Hurricane Sandy dwindled.
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The size and demand of Barclays’ $3bn 10 year contingent capital instrument shows there is a broad investor base for these instruments, but bankers are sceptical that many other borrowers are preparing their own transactions.
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Latin American primary markets sprang back to life this week after a Sandy-enforced slowdown, with Southern Copper, Banco del Estado de Chile, Itaú Unibanco and Queiroz Galvão Oleo e Gas (Qgog) leading the charge on Monday.
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Super-storm Sandy in the US and public holidays in Chile, Peru and Brazil dampened Latin American primary bond market activity this week, with only Brazilian high yield debutant Usina Sao Joao (USJ) venturing out for a small dollar deal.
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The havoc wrought by super-storm Sandy on the Eastern seaboard of the US caused the International Finance Corporation (IFC) to postpone its plans to issue a dollar deal this week — and also delayed the plans of other issuers thought to be eyeing the market for early November prints.