LatAm Bonds
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Dismissed by strategists as illusory in the absence of any decisive action over its banks, Spain’s strong relief rally was already petering out by Thursday’s close as Fitch compounded the return of negative sentiment by downgrading the sovereign to triple-B.
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Corporación Andina de Fomento (CAF) returned to the Swiss franc market on Wednesday to capitalise on follow-on demand for its successful Sfr175m ($181.7m) new three year FRN — priced on Thursday last week — with a Sfr60m increase.
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As Eurozone politicians scrambled this week to find a resolution of Spain’s banking crisis and the Spanish government attempted to secure assistance without triggering an official bailout, the European Financial Stabilisation Facility ventured out to request proposals for its next bond issue.
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Guatemala took Latin American bankers by surprise this week, pricing a long-awaited return to the bond market amid continuing Europe-inspired turmoil on Tuesday.