LatAm Bonds
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Support from the International Monetary Fund bolstered peripheral eurozone credits this week, adding new momentum to a near month-long rally in Greek bonds and driving Irish, Portuguese and Spanish bonds higher too.
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Fondo de Amortización del Déficit Eléctrico (FADE), the Spanish sovereign guaranteed borrower, is believed to be looking to issue a Eu2bn three or five year deal as early as next week, with pricing expected to come at around 60bp over Spanish Bonos.
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The UK Debt Management Office will increase the size of its 4.25% Gilt due 2040 during the week beginning October 25 through a syndicated offering, it has announced.
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Continued strong demand for current coupon fixed income dollar product from the sovereign, supranational and agency sector, driven by expectations of further quantitative easing and a perception that interest rates will not be going up any time soon, created a perfect backdrop for dollar SSA issuers this week.
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The Brazilian government plans to double the tax on foreign investment into local short-term financial instruments, in an attempt to slow the appreciation of the real. Investors are sceptical the move will succeed.
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Mexico’s bold debut century bond, which was priced earlier this week, spectacularly answered investors’ pleas for yield and duration but it is unlikely to herald a flood of similarly long issuance.