LatAm Bonds
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Europe’s corporate bond market endured a second week of paltry new issue supply as the fallout from the Irish fiscal crisis continued to scare investors. Most syndicate bankers said the market had all but shut for the year and expressed concerns about the outlook for January. There was one successful debut this week, but investors were pulled into that by an unusually attractive coupon.
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A concerted effort by European institutions to win back control of the eurozone debt crisis spurred the ECB into unleashing its most aggressive bond buying in months on Thursday, ahead of the European Financial Stability Facility (EFSF)’s Eu5bn-Eu8bn debut issue.
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Issuance plans for the debut bond by FADE (Fondo de Amortización del Déficit Eléctrico), the entity formed to fund repayment of the tariff deficit to Spanish utilities, remain on hold in the face of extreme volatility in peripheral government markets.
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Despite having to postpone a Brazilian real deal last week, VTB is contemplating a renminbi bond for launch this month, according Herbert Moos, chief executive of VTB Bank.
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Ecopetrol, the state owned Colombian oil company, launched the biggest ever Colombian peso bond issue this week, raising Ps1tr ($517m) in a four tranche deal. It is its first bond issue in the local market for over a decade.
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Hopes that the European Central Bank would embark on a grand quantitative easing programme of the magnitude undertaken by the US were dashed at Thursday’s ECB meeting when president Trichet fell short of announcing the ‘shock and awe’ buy-back some market participants had wished for.
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