LatAm Bonds
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A tide of liquidity continued to flood into Brazil this week, including an $8bn bid for Brasil Telecom’s 10 year benchmark, while Banco Santander successfully launched a $800m issue, despite the perceived financing funk of its Spanish parent.
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Prospects for the birth of a Belgian covered bond market have taken a leap forward with the recent formation of a new government after a year and a half of political deadlock. Market participants say that the chance of a covered bond law in the country is finally looking stronger.
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Brazilian state-owned energy company Petrobras finally put an end to a fortnight of rumours and speculation on Wednesday with the launch of a blowout $7bn deal.
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LatAm issuance volumes hit an all-time high this week as a plethora of smaller borrowers — including Peru’s development bank, a Chilean quasi-sovereign, a pair of Mexican homebuilders and two Brazilian single-B debutantes — joined Petrobras (see page 24) in the Eurobond market.
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The mood toward peripheral sovereigns may have improved recently but the results of the Republic of Finland’s new July 2028 government bond launched on Tuesday proved that investors are more than happy to sacrifice yield to buy a top quality credit.
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After the storming success of the World Bank’s $5bn five year global bond this week, the spotlight has shifted on to Canada in anticipation of its first US dollar bond since September 2009. The deal could arrive as early as next week and the pricing is expected to be inside the record achieved by the World Bank.
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High yield supply returned to the Latin American debt markets this week with a pair of deals pricing and at least three entering the swelling pipeline.