LatAm Bonds
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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.
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With the savage sell-off in peripheral eurozone sovereigns nearing a point of no return after Germany’s demand that the burden of debt restructuring be shared, bankers are calling for Ireland — where the government could soon lose its majority and Eu50bn-Eu60bn of guaranteed bank debt must be rolled over — to activate the nuclear option of dumping its banks to save itself.
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Banco Votorantim brought its debut Swiss franc deal to market on Wednesday morning, a Sfr250m three year. Sole bookrunner Deutsche Bank priced the deal 204bp over swaps, beating Votorantim’s dollar funding costs in the three year tenor. The issuer is the first Brazilian issuer to do a Swiss franc deal since 1995.
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One of Latin America’s biggest ever infrastructure bonds could signal a new wave of project financings via the capital markets, according to bankers.
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Chile’s state-owned copper miner harnessed the feel-good factor around the country, as well as its strong credit, to achieve what bankers claimed was the lowest ever pricing for a Latin American corporate or quasi-sovereign.
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Cosan signalled a new phase in the LatAm corporate perpetual bond market on Monday when the Brazilian ethanol, sugar and energy conglomerate raised $300m from a non-call five 8.25% deal. Morgan Stanley, Credit Suisse and JPMorgan arranged the Ba2/BB rated issue.
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