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.