LatAm Bonds
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A new swaps market based on the Repurchase Overnight Index Average (Ronia) benchmark could drag the opaque practices of repo into the spotlight at a time when the industry faces increasing scrutiny from regulators as part of a global crackdown on the shadow banking sector.
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Banco BMG reopened the market for mid-sized and lower-rated Brazilian banks this week with a $150m five year that priced as much as 50bp through the issuer’s existing curve.
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The Republic of Italy crowned a week of successful T-Bill and BTP auctions at falling borrowing costs with the launch of a brand new retail government bond product — the BTP Italia inflation linker.
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Itau Unibanco fed surging demand for its subordinated paper on Monday with an impeccably timed $1.25bn tier two benchmark.
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The growing change in the perception of Spain, its agencies and even its regions was reflected in this week’s issuance, with deals from ICO, Madrid and the sovereign itself all successfully sold despite concerns about the government’s inability to hit its deficit target and the general malaise surrounding the country’s economy.
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The euro sector has been a fruitful hunting ground for sovereign, supranational and agency issuers this week at all parts of the curve as investors regained confidence in the Eurozone following the Greek debt swap and the liquidity injected by the European Central Bank through its second long term financing operation.
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Colombia’s Transportadora de Gas Internacional (TGI) attracted strong demand for a new $750m 10 year non-call five bond that it issued alongside a tender for an outstanding five year deal.
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