LatAm Bonds
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Santander announced first quarter profits of Eu2.215bn on Thursday, a rise of 5.7% year on year. The biggest driver of growth was Santander’s exposure to the thriving Latin American market, which contributed Eu1.019bn of profit, an improvement of 15%. Profits from Brazil rose 38% to total Eu603m, helped by currency appreciation of 21% against the euro.
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The Dominican Republic sold a $750m 10 year average life bond yesterday (Thursday) in a swift intra-day execution that aimed to minimise risk in the fast moving market.
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European sovereign bond markets experienced their toughest test since the inception of the euro this week and only the French, German and UK markets stood firm in the face of wide-ranging panic.
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The World Bank and Province of British Columbia, two rare gems from the sovereign, supranational and agency sector, accessed the market this week, taking advantage of strong demand for high grade product deemed immune from the volatility circling European credits.
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Another exceptionally strong performance in fixed income, currency and commodities propelled Goldman Sachs to a $3.46bn profit in the first quarter of this year. The bank revealed on Tuesday that revenues generated by the division had accounted for over 75% of overall net revenues of $12.78bn.
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Greek debt sank further into distressed territory this week as confidence in the country’s ability to survive its fiscal crisis fell to new lows and some banks pulled back from making markets in its bonds. And the contagion is spreading to other European sovereigns.
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The International Finance Corp spearheaded $11bn of sovereign, supranational and agency dollar supply as markets this week took heart from the Greek rescue package announced by the EU at the weekend.