LatAm Bonds
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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.
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The €3bn 15 year deal from the European Union could be the last large euro benchmark of 2012, say SSA bankers struggling to find candidates willing to issue this side of Christmas. Those that still need cash are focused on the dollar market and those that don’t have little incentive to pre-fund.
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A sub-5% yield for Bolivia’s market return on Monday set the tone for a bumper week in Latin American bond markets, with the Chilean sovereign, Guatemala’s Banco Industrial and Brazilian debutante Caixa Econômica Federal also benefiting from strong demand for paper from the region.
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The Provinces of British Columbia and Ontario grabbed the opportunity to issue new benchmarks this week in a market gasping for Libor-plus SSA supply.