LatAm Bonds

Bankers and investors are bracing for a rush of emerging market new issues this month as borrowers forced to delay deals in December return to the international market. "We expect record emerging market issuance in January, first from Latin American and Asian issuers, and then from Russian issuers once Russia comes back from holiday," said Jeremy Brewin, emerging market fund manager at Aviva Investors.

Fitch Ratings has appointed two new regional heads of financial institutions ratings — Mark Young as head of Asia Pacific and Franklin Santarelli as head of Latin America. Both are internal appointments.

Shinsei Bank and Cassa di Risparmio di Genova e Imperia (Banca Carige) announced the results of their liability management exercises on Wednesday.

null

The dollar market will be awash with sovereign, supranational and agency supply in January, bankers predict, particularly from European supranationals and agencies as they scramble to profit from a hard-to-resist basis swap, a recent back-up in yields and a more stable market than they would find in euros.

Bank resolution regimes may be much better for taxpayers than creditors in the future, Fitch Ratings said in a report this week, suggesting that the recent favourable outcome for senior creditors in Irish banks is unlikely to set a precedent for the treatment of senior debt.

THE European Council agreed on Thursday evening to a limited treaty amendment to set up a permanent mechanism to safeguard the stability of the eurozone. But bond market participants are increasingly fearful about the prospects for the large amounts of euro denominated public sector debt expected to hit the markets in January and February.