LatAm Bonds
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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.
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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.