LatAm Bonds
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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.
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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.
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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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