LatAm Bonds
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Bank Nederlandse Gemeenten (BNG) took advantage of a compelling backdrop for European agencies in the US dollar market this week to launch an inaugural 144A transaction, becoming the latest agency to incorporate 144A language into its borrowing programme.
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The silver bullet that would have saved Lehman Brothers? Or a disaster in the making for bank funding? Julian Lewis reports on bail-ins, the elegant but controversial proposal that could put an end to the concept of too big to fail.
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The Republic of Italy transcended immense volatility in peripheral markets this week to issue Eu6bn of a new 15 year BTP, highlighting the appeal of long dated Italian debt and the strength of investor appetite for higher yielding instruments. Crucially the deal pays a coupon of 4.5%, which drew strong demand from a whole host of real money and leveraged buyers.
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