LatAm Bonds
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Spooked bond buyers boycotted primary and secondary markets in Latin America again this week, bringing to a close the slowest three months for issuance from the region since the second quarter of 2009.
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A shake-up in the pecking order of some European sovereign, supranational and agency issuers, combined with market volatility and poor deal performance has left a string of potential issuers on the sidelines and bankers asking where new issue business will come from in the fourth quarter.
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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.