LatAm Bonds
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Banco do Brasil attracted almost a six times oversubscription on Thursday for a ground-breaking $1bn perpetual tier one deal that has been thoroughly future-proofed to comply with Brazil’s anticipated implementation of Basel III legislation later this year.
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Deutsche Bank topped Dealogic’s LatAm global bookrunner league tables for the second year in succession in 2011, with a total allocated deal volume more than $3bn higher than nearest rival JP Morgan. However the inclusion of Venezuelan sovereign and quasi-sovereign issues in official league tables — always a sore point with many banks — proved particularly controversial this year given the huge increase in volume of such transactions.
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Banco Bradesco attracted healthy interest for the first Latin American FIG transaction of the year on Thursday but failed to make a dent in the hefty concessions demanded of bank issuers by US institutional investors.
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Brazil and Mexico kicked off a bumper week in Latin American bond markets with a pair of sovereign issues that priced within hours of each other on Tuesday. Others to follow later in the week included the first trades since 2010 from Brazil’s Vale and Chile’s Arauco.
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Royal Bank of Scotland bankers have responded with a mixture of resignation, frustration and impatience to leaks about the strategic review of its investment bank. Sources say the bank envisages a maximum of 5,000 job cuts in its investment bank, half the number reported elsewhere this week.
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Banco de Bogotá attracted over $5bn of demand for its debut dollar deal on Monday in what syndicate officials said would probably be the year’s last Latin American bond issue.