LatAm Bonds
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A pair of notably successful new issues have primed the sovereign, supranational and agency sector for a further raft of short-dated dollar bonds next week. In contrast to their struggles in the euro market (see separate story), top European triple-As are poised to follow the Province of Ontario and Council of Europe Development Bank’s lead, bankers report — provided Friday’s non-farm payroll data does not weaken demand.
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Yet another eurozone crisis of confidence has left sovereign, supranational and agency credits scrambling to reshape plans to raise euros next week in the wake of Portugal’s Eu78bn EU/IMF bailout.
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Santander’s funding activity picked up quickly after it exited its blackout period this week.
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It has been a muted week for Latin American debt, with no international issues priced, although some issuers are roadshowing for deals next week. Investors said issuers were waiting for Federal Reserve chairman Ben Bernanke’s inaugural press conference, and for a return to business after the May Day holiday.
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Neuquen Province’s first international offering for five years, a $260m oil and gas royalties-backed bond, topped a trio of Argentine new issues this week.
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A rally in the US Treasury market this week curtailed top tier SSA borrowers’ aspirations to issue long end dollars and left KfW issuing a seven year Eurodollar deal that struggled instead of a planned 10 year global dollar bond.