LatAm Bonds
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Clarity from the Financial Stability Board on which banks will be classified as globally systemically important, and how they can be wound down in a crisis, is imminent.
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Latin American high grade names did not escape the effects of the market turmoil this week. Caribbean Development Bank (CDB) succeeded in pricing a small dollar floater on Wednesday but at the cost of concessions on both size and duration.
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Arcos Dorados proved the strength of investor demand for its paper when it printed a five year real denominated deal last Friday in the teeth of a tanking US market.
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A pair of postponements failed to dampen spirits in Latin American markets this week, as an Argentinian sub-sovereign proved the market was still open and the pipeline continued to build.
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The US dollar market for high grade sovereign, supranational and agency borrowers was primed for business this week, as witnessed by the more than $6.6bn of orders for the three year global bond launched by the European Investment Bank. The sheer scale of demand allowed the supranational to issue $5bn for only the second time in the history of its dollar benchmark programme.
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The Latin American bond market came back to life this week with a flurry of deals from across the credit spectrum, including benchmarks from recently upgraded sovereigns Colombia and Brazil.
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Successful euro trades by FMS Wertmanagement and OBB-Infrastruktur on Wednesday proved that the market remains open to the highest quality SSA issuers despite the turmoil that ensued following the four-notch downgrade of Portugal on Tuesday night.
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KfW marked the 10th anniversary of its euro benchmark programme this week with a rare increase of its January 2021 benchmark by Eu2bn to Eu6bn. Bankers described it as the most successful tap ever seen in the euro market.
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