LatAm Bonds
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The European Financial Stability Facility (EFSF) is still expected to come to the market next week despite a lack of clarity surrounding the credit. A five year tranche and a longer tranche of 20, 25 or 30 years are anticipated, together with a bills auction likely to be announced on Friday for execution next Tuesday.
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Pemex, Mexico’s national oil and gas company, launched its second ever Swiss franc bond today (Monday), after a three year absence from this market.
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With the exception of Mexico’s $2bn blowout (see previous page), the Latin America bond market remained quiet this week as issuers awaited resolution on the Greek bond swap and the release of non-farm numbers in the US on Friday.
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Mexico made the most of benign market conditions on Monday, attracting nearly $7bn of demand for a new long 30 year benchmark in less than three hours.
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The European Investment Bank’s €3bn 15 year EARN takes the borrower’s funding for the year up to some 56% of its €60bn target, prompting the question as to why it has front-loaded so aggressively.
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Fitch cut ratings on over 1,000 bank capital securities on Thursday night as it introduced its new rating criteria. A smattering of ratings remained stable or were upgraded.
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Banco do Brasil responded on Monday to the ravenous follow-on demand for its ground-breaking Basel III-compliant perpetual tier one capital issue with a $750m reopening that was priced 75bp tighter than the original issue.
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