LatAm Bonds
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The European Financial Stability Facility (EFSF) pulled off something of a coup this week by printing a successful Eu5bn 10 year bond despite the market paralysis caused by the deteriorating situation in Greece. Further pain and contagion are back on the agenda as a number of peripheral borrowers look to raise money next week.
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Brazil’s Itau Unibanco priced a $500m subordinated tier two 2021 bond this week but the Latin American market remained subdued despite strong emerging markets elsewhere.
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The European Financial Stability Facility (EFSF) is poised to award the mandate for the 10 and five year transactions it will issue on behalf of Ireland and Portugal. An announcement is expected on Friday.
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The Kingdom of Belgium grabbed the opportunity to issue its long awaited 15 year OLO this week, taking advantage of what proved to be a short window. It appeared at the beginning of the week and firmly closed on Wednesday as concerns about Greece intensified after a clear rift appeared between Germany and the European Central Bank about extending further credit to Greece.
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The Republic of Iceland’s successful return to the international capital markets with a $1bn five year transaction, the country’s first bond issue since 2006, confounded the sceptics who had predicted any such deal would fail to find traction in a market beset with concerns about European sovereigns.
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There is only one way out of the crisis facing Greece, according to SSA bankers and investors. An orderly restructuring is the last chance for the country — and the only hope for eurozone authorities that are grappling to prevent the fall-out from spreading to the rest of the region’s periphery.