LatAm Bonds
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America Movil re-opened the euro and sterling markets for Latin American borrowers this week with a dual-tranche deal that brought European high grade investors out in force.
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The Republic of Poland took advantage of strong dollar demand and a relatively stable market environment in the wake of the European Union’s delivery of its Grand Plan to price a $2bn 10 year bond, slicing the price from initial guidance of 290bp-300bp to 280bp and the new issue premium from 20bp-30bp to 10bp.
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Mexican telecom company América Móvil made a triumphant return to the euro and sterling markets today, finding strong demand from high grade investors for €1bn of eight year paper and £500m of 12 years.
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The dollar market was wide open for business from sovereign, supranational and agency issuers this week while its euro counterpart remained paralysed by politicians’ bungling attempts to solve the eurozone crisis.
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Brazilian state-owned utility Eletrobras raised eyebrows this week by mandating just two leads — one of them local specialist Santander — for a 10 year dollar benchmark, but exceeded expectations when it priced a $1.75bn deal.
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