LatAm Bonds
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Brazilian Banco Pine has issued guidance of 8.875% area for a seven year lower tier two transaction, in so doing becoming the latest Brazilian bank to tap the international market.
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The Latin American new issue market stayed hot this week after a blow-out deal from a Brazilian corporate borrower on Friday. Supported by investors’ increasing appetite for emerging markets debt, a wide spectrum of senior and subordinated issues for the region’s corporate and financial borrowers is being marketed.
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Expected heavy further dollar supply from sovereign, supranational and agency issuers failed to materialise this week in the face of a rallying Treasury market and nervousness sparked by plans to limit the size and scope of financial institutions mooted by Paul Volcker, the head of President Obama’s Economic Recovery Advisory Board.
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Greek finance officials hit back this week after the country priced a much larger-than-expected bond at a slimmer-than-expected spread, with an outsize order book — only to see the bonds dive in secondary trading and its future market access again in the spotlight.
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The Brazilian primary debt market remained healthy with three more corporate and bank borrowers looking to sell new bond issues as EuroWeek went to press,
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KfW made a stunning call on the dollar market this week, picking optimal timing for a new 10 year benchmark as investors ventured down the curve to enhance yield.
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Latin American borrowers rushed to issue at cheap rates this week in an attempt to get in before market conditions soften.
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The Province of Manitoba issued a gem of a global bond this week in an otherwise subdued dollar market — a $600m three year which attracted over $2bn of demand.
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A stunning week of issuance for European sovereigns and agencies — which raised over Eu40bn in the bond markets — was overshadowed somewhat as sentiment towards Greek sovereign debt took another turn for the worse.