LatAm Bonds
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Rentenbank capitalised on the feeding frenzy for high grade dollar assets paying Libor plus spreads and expectations that it would soon benefit from an explicit state guarantee to complete its benchmark programme for the year with a well oversubscribed seven year global bond.
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Sovereign, supranational and agency deals continue to price through borrowers’ secondary curves with well oversubscribed books in dollars and achieve heavy oversubscription. This is pushing bankers to encourage their clients to pre-fund for 2013. But the deal pipeline for the remainder of the year looks thin and only a few issuers are looking to get started early on next year’s funding tasks.
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Latin American bond markets continued to lag their Asian and CEEMEA counterparts this week with a small tap from double-B name BR Malls providing the only primary supply.
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Yield appetite was the main driver of Latin American bond markets this week as Banco Continental Paraguay priced an inaugural deal at the second attempt and Brazilian builder OAS closed books on a blow-out dollar debut.
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