LatAm Bonds
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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.
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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.