LatAm Bonds
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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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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.