LatAm Bonds
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The Basel Committee on Banking Supervision is accelerating its review of the liquidity coverage ratio in a bid to bring greater clarity to banks left wondering over the final form of the rules. At the same time, the committee says it plans to stick to its proposals to make the biggest banks have more common equity. But it is re-evaluating how it determines who must hold more capital and how it measures their risk weighted assets.
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The European Union is preparing to extend its benchmark yield curve out to 30 years after its triumph in the 15 year sector this week. Despite underlying markets in meltdown, the supranational attracted more than ¤5.5bn of demand from 100 investors as it raised ¤4bn for Portugal and Ireland in the maturity yesterday on Thursday.
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Hopes that Latin America would be a haven from the financial turmoil in developed markets were dashed this week as global risk aversion took a heavy toll on regional currencies and credit spreads.
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The manner in which syndication is becoming an increasingly fraught method of raising money for SSA borrowers was highlighted this week by the bookbuilding process for a five year global bond from the Province of Ontario.
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Positive news from Europe arrived too late to tempt Latin American issuers into the bond market this week but bankers remained buoyant as a trio of roadshows raised the prospect of increased activity in the second half of the month.
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Some investment banks, struggling to make any money from auctions and syndications even as volatility hammers secondary books, are scrutinising their sovereign, supranational and agency sector business models, EuroWeek understands.