LatAm Bonds
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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.
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The new issues market for sovereign, supranational and agency borrowers could be wrecked in 2012 unless dealers can find a way to mitigate changes to bank regulations that are crushing the business model.
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Sovereign, supranational and agency issuance planning for 2012 lay in tatters after last week’s Eurogroup summit left issuers and their advisors riddled with uncertainty. Although funding volumes are known, plans of campaign are limited to taking a wait-and-see approach as issuers face up to increased scrutiny, wider spreads and smaller deal sizes.
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The largest ever sterling transaction from an emerging market issuer, a bumper sovereign inflation-linker from Uruguay and a heavily oversubscribed issue from Pacific Rubiales made for a strong start to the week in Latin America. But deal flow dried up later in the week as investors stayed on the sidelines ahead of the eurozone summit.
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Borrowers and their dealers are increasingly nervous about issuance in the first quarter of 2012 as faith in the ability of the European policymakers to reach an accord before the traditionally busy opening in January diminished ahead of the summit on Thursday.
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