LatAm Bonds
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Chilean state oil company Enap paid up for its $500m bond issue with a 10 year 5.303% deal on Thursday night. The deal comes at a difficult time for the borrower, which is saddled with a high debt burden and plummeting creditworthiness.
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Argentine province Cordoba looked set to open a new chapter in the country’s debt capital markets history on Thursday, with a 12.5% seven year deal, the first non-private placement or debt restructuring deal since 2001.
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Fannie Mae and the Inter-American Development Bank took advantage this week of the continuing rally in dollar bond markets to price impressive new benchmarks.
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Emerging market bond prices are set to hold firm this month as low issuance volumes, excess cash on the sidelines and strong economic growth offset global fears over the US economy, analysts said on Thursday.
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Intense appetite for Latin America’s largest economy led to the Federative Republic of Brazil achieving a new pricing landmark on Tuesday. Around $6bn of orders gave the BRIC country its lowest ever yield — 4.547% on a $825m 10 year retap.
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Chile made debt capital market history on Thursday, achieving the lowest ever yield for a Latin American sovereign, with a blowout $1.52bn bond, split between dollars and pesos.
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Barbados underlined the strength of appetite for emerging markets exposures this week, attracting $900m of orders for its latest Eurodollar bond issue —a $200m 12 year 144a private placement on Tuesday. Strong demand from real money investors in the UK and US was especially notable.
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