LatAm Bonds
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The $2bn three year bond that the Bank of England has scheduled for Monday should highlight the SSA sector’s health despite a week of no substantial issues and the withdrawal of some Middle Eastern central bank buyers. While the deal represents the first test of investor appetite for SSAs since the washout, a defensive issue from a triple-A credit is ideal, bankers judged.
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Zurich Financial Services will use hybrid debt to part finance a $1.67bn acquisition that it announced on Tuesday.
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Spain’s Electricity Deficit Amortisation Fund (Fade) issued its second benchmark of the year this week, a Eu2bn June 2015 bond, demonstrating continued investor appetite for Spanish government guaranteed agencies.
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Mexico tapped its 10-year $2bn 5.125% issue for a further $1bn on Monday, pricing the deal at 102.101 to yield 4.844%, the lowest yield ever achieved by Mexico in that tenor. It was equivalent to 123bp over Treasuries.
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