LatAm Bonds
-
The bail-out that Portugal’s new five year syndication this week was supposed to ward off is now likelier than ever, bankers said on Thursday when the sovereign’s debt slumped to new lows.
-
Russia’s VTB Bank took advantage of a quiet market to print a seven year senior unsecured benchmark in dollars late on Thursday, the first deal from the borrower this year. The deal followed a five year trade from Brazil’s Banco Votorantim on Monday.
-
-
Diversification in emerging markets, primarily Latin America helped Spanish banks BBVA and Santander offset poor numbers in more mature markets over the past financial year.
-
Empresas ICA, the Mexican construction and infrastructure concession operator, braved a difficult market this week to issue a $400m 10 year non-call five year bond, changing earlier plans to sell a perpetual non-call five after it met investor resistance on a global roadshow last week. However, the deal retained innovative features.
-
The SSA market is poised for a dollar free-for-all next week with a host of supranationals and agencies looking to take advantage of strong global demand for dollar product after a drought this week caused by the holidays in Asia.
-
Bankers are urging Portugal to take the high risk step of slipstreaming on its successful Treasury bill auction and the strong rally in peripheral eurozone sovereign debt this week with a new bond syndication.
-
THE EUROPEAN Financial Stability Facility hauled in a spectacular Eu44.5bn of orders for its long awaited inaugural bond this week, but its Eu5bn blockbuster failed to resuscitate peripheral European sovereign credits, particularly Portugal.
-
The European Investment Bank capitalised on the wave of positive sentiment towards European institutions to issue its most successful EARN ever in terms of book size. The Eu5bn three year attracted demand of over Eu16bn, easily outstripping the issuer’s previous record book of Eu11bn-Eu12bn logged in 2005.
-
Two Latin American companies tapped global markets this week, including Argentine credit card company Tarjeta Naranja, which sold a $200m high yield note on Tuesday.