LatAm Bonds
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Corporates took centre stage in Latin American bond markets on Thursday as dollar investors piled into Cemex’s comeback benchmark and Telefónica Chile’s global debut.
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Holders of Belize’s $547m 2029 "superbond" have welcomed last week’s announcement by the government that it would make partial payment of the semi-annual coupon originally due on August 20.
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A landmark global Colombian peso issue from BTG Pactual and a Panamanian road project bond provided the highlights of a week of light primary supply for Latin America investors outside Europe.
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A conference call this week to clarify the European Stability Mechanism’s role has so far failed to quell fears that the arrival of a new big buyer in European SSA secondary markets could widen an already-yawning gulf between the top tier triple-As and the cheaper credits.
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KfW has broken an 11 month duck for 10 year dollar issuance by European SSAs with a $3bn global that was priced this week. There have only been three 10 year supra/agency bonds this year — one from KfW itself back in January and the others from Freddie Mac and the Province of Ontario in January and June, respectively.
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The IMF has called for a global discussion on whether banks’ business activities could be restricted in a bid to stop institutions becoming too systemically important to be able to fail.