LatAm Bonds
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Caisse d’Amortissement de la Dette Sociale (Cades) will next year join the big boys in the SSA borrower stakes, EuroWeek has learned.
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Chile is returning to the international debt capital markets after an absence of six years to finance reconstruction of parts of the country following February’s devastating earthquake.
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there were more than $10bn of orders for the four dollar denominated supranational, sovereign and agency issues on offer this week, as investors loaded up with SSA dollar assets, having decided that spreads will continue to tighten and rates continue to fall over the summer.
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Brazilian corporate debt was in focus this week as petrochemicals firm Braskem completed a $350m tap and JBS, the world’s largest beef producer, was set to price a new issue.
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BanColombia and Brazil’s Banco Votorantim attracted over $5bn of demand for their subordinated tier two bank debt early this week. This underscored strong investor demand for Latin American financial paper, even in a subdued trading week dominated by fears over European banks’ stress tests results, bankers said.
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Two South American banks demonstrated strong demand for subordinated debt from emerging market credits on Monday, raising just over $1bn between them.
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The Province of Nova Scotia’s successful $750m five year global bond, launched this week, highlighted continued demand for dollar product, begging the question: which issuer will be next?
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Petróleos Mexicanos (Pemex) finished its 2010 borrowing programme in style this week, attracting $5bn of orders from over 200 accounts for a $2bn 10.5 year note.