LatAm Bonds
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The European Financial Stability Facility (EFSF) is poised to add the flexibility of short term money market issuance to its arsenal in December after it limped across the line with a €3bn 10 year bond for Ireland on Monday. As Italian bond yields took another pasting, the EFSF admitted its plan to use leverage to provide guarantees on sovereign debt a less potent weapon than it had envisaged.
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LatAm borrowers shrugged off growing unease in Europe over the past week as a trio of much-anticipated defensive deals drew substantial demand. Meanwhile, Peru’s Intercorp became the first high yield corporate to access the market in more than two months.
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Despite Thursday’s relief rally and some prospect of a positive auction on Monday, SSA bankers and borrowers are reiterating calls for the ECB to rescue Italy after a week when the G8 sovereign neared an almost unprecedented loss of market access and the EFSF bail-out vehicle struggled to get even €3bn of bonds away.
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Vallourec, the French steel pipe maker, will hold a roadshow to meet bond investors from November 16. Standard & Poor’s today assigned a new rating to the company, at BBB+.
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Europe might have stepped back from the brink for the second time in as many weeks, after Greek prime minister George Papandreou abandoned his plan to hold a referendum on his country’s eurozone membership, but Europe’s rescue fund remains locked out of the long term international bond markets.
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State-owned Jamaican road company NROCC made its global market debut on Thursday with a $294m deal designed to refinance an outstanding short-term issue.
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Colombian electricity supplier Empresa de Energia de Bogota (EEB) rounded off a busy Thursday in the Latin American bond markets with a $610m 10 year refinancing. Whispers on yield started at the low to mid 6% level and were refined to official guidance of 6.125%-6.250%.
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