LatAm Bonds
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The investors are there, the dealers are there and the volatility is not. These three factors are making some in the sovereign, supranational and agency markets optimistic that there could be more business around than usual this summer.
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Colombia cashed in on the trend for local currency international bonds, tapping its 7.75% TES 2021 global for a further Ps938.78bn ($500m equivalent) on Tuesday. The Ba1/BB+/BB+ rated sovereign brought the new debt at 107.424 to yield 6.75%.
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Bankers are preparing to pitch for mandates from the European Financial Stability Facility (EFSF) in the event it should be required to issue debt. However, debilitating uncertainty and confusion surrounds the whole process.
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Brazilian airline Gol launched a $300m 10 year non-call five year note on Tuesday, continuing strong recent primary flows from Latin American corporates. It priced the 9.25% note at 98.409 to yield 9.5%, a spread of 638.5bp over US Treasuries.
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Colombian bank Bancolombia will look to raise up to $640m in a 10 year tier two bond issue after finishing a roadshow on Friday in Los Angeles and New York.
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KfW returned to the US dollar market this week with a record breaking order book, its largest dollar deal of the year and its biggest three year dollar issue since January 2009.
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