LatAm Bonds
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Despite sovereign volatility in Europe and Asia knocking out several planned deals, particularly from emerging market names, battered primary bond markets still delivered funding for a host of credits this week. This unbowed performance renewed participants’ confidence in the outlook for the rest of the year.
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The International Finance Facility for Immunisation Company (IFFIm) issued its inaugural Kangaroo benchmark on Tuesday.
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VTB Bank has postponed the plans to issue a Brazilian real denominated five year note that it announced earlier this week.
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While Ireland’s negotiations over an EU/IMF rescue financing package have refocused investors’ attention on other struggling eurozone sovereign credits, somewhat stronger banks and a deeper domestic investor base could buy Portugal and Spain more time to repair their economies, debt strategists and bankers said this week. But both countries may eventually have to seek external support too.
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Banco Itaú, the largest bank in Brazil, this week humiliated its rival Banco Bradesco by leap-frogging it in the queue for the new issue market, forcing Bradesco to delay its own offering.
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Deutsche Bank has priced a Sfr100m ($100m) dual-tranche three and five year Swiss franc deal for Banco Santander Chile, building on recent Swiss franc successes for LatAm issuers.
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Deutsche Bank has books open on a dual-tranche Swiss franc deal for Banco Santander Chile, following on from Deutsche’s deal for Banco Votorantim last week.
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Bonds of mid-sized Latin American banks widened this week after irregularities at Brazilian bank PanAmericano panicked foreign investors. The country’s 20th biggest bank by assets, PanAmericano announced on Tuesday that local authorities had required it to cover a R$2.5 ($1.5bn) shortfall in its balance sheet.
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Peru racked up landmarks this week as it issued what is only the second ultra-long international bond from a Latin American sovereign and the biggest local currency debt offering yet from the region.