LatAm Bonds
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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.
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The European Union has pulled off the near impossible — raising €5bn of 10 year money while the market disintegrates around it and with the added challenge of attracting investor demand at a time when yields are close to all-time lows.
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Chile, Latin America’s highest rated sovereign, returned to the market this week, taking advantage of ultra-low Treasury yields to make good on commitments to promote liquidity in the 10 year space.
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América Móvil, the Latin American wireless giant, brought the Swiss franc market back to life this week after a turbulent month with an upsized Sfr270m ($340m) long six year bond. The deal, which was increased from SFr150m, was priced on Tuesday with a 2% coupon.
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