LatAm Bonds
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Export Development Canada set new pricing parameters for the sovereign, supranational and agency sector this week, pricing its $1bn three year global, beating 2011 records set by Finland in five years (less 4bp) and equalling Sweden’s recent two year deal.
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Four Brazilian mid-tier banks jumped into the international bond market this week, with three of them looking to price on the same day. The glut in issuance comes as Brazilian banks grapple with higher reserve requirements and a new wave of consolidation.
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Mexico tapped its $3.25bn 2040 bonds for a further $1bn on Wednesday, pricing the tap at a yield of 5.95%, which the Mexican finance ministry said was the lowest pricing it had achieved in the long end of the curve.
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The bail-out Portugal’s caretaker government is seeking does little to solve its fundamental solvency problem and merely adds to its unmanageable debt burden.
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The International Finance Corporation became the first supranational to achieve sub-Libor funding for a five year bond since 2008 when it issued a $2bn global on Monday. The deal highlighted the strong demand for SSA product at the short end of the dollar curve.
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Favourable market conditions and international investor demand for local currency debt has not been derailed by events in Japan and the Middle East, investors said last weekend, as reported by EuroWeek’s sister publication, Emerging Markets.