LatAm Bonds
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Brazilian and Chilean credits harnessed buoyant international demand for their debt this week, with the Federative Republic of Brazil spearheading the charge by attracting nearly $2.5bn of orders for its re-opening of an ultra-long bond. Further sales from the region — including a $1bn corporate perpetual — are likely next week, according to bankers.
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Substantial demand from both US and European investors enabled Brazilian blue chip names to raise over $4bn in new debt this week, with a rare perpetual deal from mining company Vale and fixed line telecom Telemar Norte Leste gaining particularly strong attention.
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With Brazil weighing a real-linked international bond, secondary debt rallying and corporates rushing to refinance perpetuals, the country’s state owned development bank BNDES and Telemar Norte Leste, its largest fixed line telecom operator, are set to kick-start a busy September for debt new issues.
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Petroleos Mexicanos (Pemex), the state-owned Mexican oil company, enlivened a quiet week for Latin American bond new issuance with a $1bn tap of its 2035 benchmark dollar bond.