LatAm Bonds
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Petrobras proved the strength of demand for uncorrelated credits in European currencies on Monday, attracting healthy levels of oversubscription for a triple-tranche return to the euro and sterling markets.
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Petrobras was undeterred by a slightly weak market tone on Monday morning, coming with a triple-tranche euro and sterling transaction. The Brazilian energy firm — rated A3/BBB/BBB — is targeting euro tranches in 6.5 year and 11 year maturities, as well as a 17 year sterling piece.
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Banco do Brasil will look to build on the success of a landmark Euroyen transaction that it priced last Friday (September 14) by deepening its relationship with Japanese investors, the state-owned lender said this week.
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Investors’ love affair with Andean names continued this week, with Corporacion Andina de Fomento (CAF), Grupo Aval and Colombia Telecom all finding strong demand for dollar deals.
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Crossover petrochemical credit Mexichem demonstrated the extent of appetite for high quality Latin American corporate paper this week, attracting an unprecedented $17.5bn of demand for a $1.15bn two-tranche transaction.
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Iberian Minerals, a copper mining company, hopes to raise $200m of senior secured bonds in the European and US high yield markets.