LatAm Bonds
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The United Kingdom Debt Management Office opened its syndicated borrowing programme for the new financial year in fine style on Tuesday with a £4.75bn tap of its 3.75% 2052 Gilt. The syndication produced the borrower’s first bookbuild of under 50 minutes and garnered a book of almost £10bn. Another highlight was a 12% international distribution.
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A tightly priced 10 year from Braskem and a rare seven-year from Banco do Nordeste do Brasil provided the only primary action in Latin American bond markets this week.
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Global Bank is on the road with Deutsche Bank, marketing a structured covered that will be over-collateralised by dollar denominated residential mortgages, with additional security in the form of recourse to the issuer.
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Dollars were again the currency of choice this week for Nordic SSAs with the Republic of Finland and Denmark’s KommuneKredit both pitching into the market with strategic benchmark trades. The deals follow last week’s transactions from Sweden’s Kommuninvest and Finland’s Municipality Finance.
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Petroleos Mexicanos (Pemex) kept up a streak of non-core issuance this year when it priced its inaugural Australian dollar transaction on Wednesday.
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