LatAm Bonds
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The Spanish success story continued this week with a well oversubscribed three year transaction from the Fund for Orderly Bank Restructuring (FROB), the state guaranteed agency established in June 2009 to recapitalise Spain’s banks.
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Despite investor moans over yields and supply, Petroleo Brasileiro completed one of the biggest ever emerging markets bond deals as EuroWeek went to press on Thursday. The $6bn offering also ranks as the largest ever corporate bond from Brazil.
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Analysts expect the Venezuelan central bank to buy two-thirds of a $3.15bn tap that Petroleos de Venezuela will undertake of its 2017 bonds this week.
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Dollar investors displayed unparalleled enthusiasm for dollar product this week, absorbing $16.5bn of sovereign, supranational and agency supply without so much as a hiccup.
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The Province of Buenos Aires got in ahead of its sub-sovereign compatriots on Wednesday, issuing a $750m Rule 144A/Reg S 10-year deal at a yield of 11.25%. Lead managers Bank of America Merrill Lynch and Deutsche Bank priced the 10.875% issue at 97.916.
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Morgan Stanley investment banking arm made pre-tax profits of $437m in the fourth quarter of 2010, up 80% from the third quarter but down 5% from the fourth quarter of 2009. And the bank’s fixed income sales and trading business continued to disappoint.