LatAm Bonds
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A trio of high yield Latin American names successfully navigated choppy market conditions this week, including a nine-times subscribed inaugural note from Peruvian bottler Ajecorp.
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Sweden’s print of a $2.25bn three year dollar bond on Thursday at an impressive 19bp through mid-swaps and 11.95bp over Treasuries highlighted the extraordinary demand for non-euro area SSA issuers in the dollar market as investors seek safe havens away from the headline risks in Southern Europe.
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Barclays took year to date dollar benchmark covered bond supply to $24bn with a well oversubscribed 144A/RegS $2bn trade. Panama’s Global Bank, however, has postponed its inaugural dollar deal, which would have been Latin American’s first covered bond.
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In a startling display of demand for an issuer that had been shut out of the capital markets for three years until last June, the Republic of Iceland racked up a book that was five times covered for its new $1bn 10 year bond on Thursday.
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Syndicate bankers this week called for FIG issuers to print senior deals sooner rather than later, blaming upcoming French and Greek elections and poor growth figures for upsetting the market’s stability. But issuers said they were comfortable after a strong first quarter and two long term refinancing operations (LTROs) from the European Central Bank.