LatAm Bonds
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South American development bank Corporación Andina de Fomento sold a $600m bond this week, taking advantage of favourable market conditions to print a deal with its lowest ever coupon.
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At a time when many European sovereigns are struggling to access their domestic markets, the United Mexican States waltzed into the euro bond market on Thursday for the first time in over five years, pricing a Eu850m seven year note.
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The Republic of Poland priced a $1.5bn five year bond late on Thursday, its first global dollar benchmark since October 2005 and garnered such strong investor interest that traders speculated a deal in euros may be next.
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The recovery of sentiment in the international debt markets fizzled out this week, dashing the hopes of debt-starved frequent borrowers — including sovereigns.
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Mexican breadmaker Grupo Bimbo priced a debut $800m 10 year bond on Wednesday, taking advantage of strong interest from both US high grade and emerging market accounts to build a book of more than $2bn from almost 200 accounts.
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China’s decision to allow the renminbi to appreciate and continued worries over eastern European economies have left debt investors keen to move into Brazilian real.
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Chile on Tuesday filed with the US Securities and Exchange Commission to sell up to $3bn (Eu2.44bn) in global bonds, an issue that would be the sovereign’s first for six years and could emerge only months after a catastrophic earthquake hit the country.
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Brazilian bank Banco Votorantim has mandated five banks to arrange investor meetings in London and the US next week.
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