LatAm Bonds
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A stampede for the highest quality assets is driving euro issuance for sovereign, supranational and agency borrowers despite the dwindling amount of time that Europe has left to find a means of avoiding a disorderly Greek default in mid March.
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Controversy erupted in sovereign bond markets on Thursday as the Dutch sovereign priced its inaugural dollar trade. Despite achieving the issuer’s two main objectives — to save money compared to its domestic funding costs and to expand its international investor base — a swathe of SSA bankers said the deal was far too cheap and had been executed the wrong way.
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Latin American companies launched at least $2.8bn of new deals this week, with market hospitality for lower-rated deals rising amid the emerging market credit rally. Banco Santander and Brasil Telecom led the charge, joined by junk-rated Caribbean telecom company Digicel and state-controlled utility Comision Federal de Electricidad.
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Canada’s $3bn five year global has established a new record in the dollar market as only the second issuer to price in single digits over the US benchmark in recent memory, confirming its status as one of the most highly prized credits.
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The Kingdom of Spain returned to the syndicated bond market in triumphant style this week, raising €4bn by tapping a 10 year line. The issue’s warm reception by foreign investors underlined the about-turn in their perception of Spanish sovereign debt since the dark days of last year.
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Caisse d’Amortissement de la Dette Sociale has become the first public sector borrower this year to deploy what covered bond issuers have found an extremely popular format — the three year sterling floater.