LatAm Bonds
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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.
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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.