LatAm Bonds
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Emerging market bankers predicted strong Latin American bond volumes to continue after oil companies OGX Petroleo e Gas and Pemex raised around $3.8bn between them this week.
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The Oriental Republic of Uruguay and Pemex were both set to price issues as EuroWeek went to press on Thursday.
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Any fears that the inaugural public bond by FMS Wermanagement would struggle to find investors due to its complicated guarantee structure were blown away by the transaction’s Eu11bn plus book size when its Eu3bn no-grow five year was launched this week.
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The European Union overcame both credit markets in meltdown and its own stodgy standing this week to redefine the sovereign, supranational and agency debt markets with the largest volume ever raised from international bonds on consecutive days, Eu9.5bn.
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Heavy buying from central banks and bank treasuries has given sovereign, supranational and agency borrowers an extraordinary run in the dollar market this week despite the continuing low yield environment with $9.25bn of tightly priced supply being absorbed with ease.
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Sovereign, supranational and agency spreads remain temptingly tight in the dollar market and demand encouragingly deep, despite yields remaining at around recent record lows — conditions that are expected to attract three or four issuers to the sector next week.