LatAm Bonds
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Mexican glass maker Vitro SAB’s $1.5bn debt restructuring offer is likely to be rejected by bondholders this month, and investors can get a better deal if they continue to fight, an analyst said this week.
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Traders are looking forward to the prospect of supranational, sovereign and agency borrowers finally having to post collateral against the swaps they enter into with securities firms, a likely consequence of derivatives reform in the US which Europe is expected to implement soon.
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Brazil’s Banco Bradesco capitalised on low global interest rates to price a $1.1bn long 10 year bond on Monday, with the lowest ever coupon for a lower tier two issue from the country.
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Brazil’s Banco Bradesco dived into the subordinated debt market on Monday with a $1bn long 10 year lower tier two bond.
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A pick-up in US real money buying is keeping high grade public sector credits well bid in secondary markets, but flows are too thin to support new issue activity. "It is definitely a good sign to see these US accounts buying European names in three and five year dollars," said one London trader.