LatAm Bonds
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Japanese investors turned out in force this week for Mexico’s first public Samurai issue in more than a decade, in a move bankers said reflected a fundamental change in perception of developing world risk among Japanese investors.
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Banco Pine, the Brazilian corporate lender, made its debut appearance in the Swiss franc market on Wednesday when it announced a conditional bookbuild. Although domestic investors are seeking diversification opportunities away from Europe now more than ever before, Banco Pine’s sub-investment grade rating and Latin American roots might prove too much to swallow for the Swiss investor base amid heightened worries over Eurozone peripheral sovereigns.
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Anglo American, the South African diversified mining group, returned to the euro bond market after just two months today, with a €750m seven year bond that found strong demand.
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Latin American bond markets proved unable to buck the global downward trend this week as primary issuance dried up and the recent sell-off in local currencies continued.