LatAm Bonds
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The Republic of Argentina has extended its bond restructuring offer by two weeks to encourage greater participation by retail investors, bankers reported. The Latin American country is trying to strike a deal on $18.2bn of debt still outstanding from its 2001 default so that it can regain access to capital markets.
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Emerging markets new issues might restart as soon as Monday, bankers in the becalmed sector forecast, though early movers will probably have to pay up to lure investors back. EM bankers’ confidence grew as the market remained fairly stable this week despite another week empty of new emerging market supply.
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Banco Bradesco is the first of several Brazilian banks expected to call perpetual bonds in the coming months.
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Banco Bradesco is the first of several Brazilian banks expected to call perpetual bonds in the coming months.
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The dollar market proved a haven for supranational and agency issuers again this week despite the extreme volatility governing the sector on Monday and Tuesday. A degree of stability on Wednesday and a 25bp rally in rates created a small window of opportunity, which was nimbly taken advantage of by the Asian Development Bank to issue a stunning $3bn three year global bond. The success of the ADB deal encouraged Nordic Investment Bank and Kommuninvest to follow with benchmark trades on Thursday.
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EuroWeek was honoured to host its third annual bond market awards dinner on Thursday evening. Everybody here at EuroWeek would like to thank those who attended and congratulate the winners and nominees, who are listed below.
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Underscoring its impeccable credit and vast experience, the World Bank gave a borrower masterclass in navigating intense volatility this week. As US Treasuries surged in the face of the continuing eurozone crisis and swap spreads lurched up and down, the Washington based development lender harnessed huge appetite for dollar paper to reopen the five year sector — and pave the way for further supranational and agency issuers.