LatAm Bonds
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For a brief period this week, the market reversed its opinions on the fate of Greece. But despite a sharp improvement in spreads, bankers question whether the country will be able to raise the money it desperately needs in the near term.
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New issuance from Latin America paused this week, as issuers stopped for a breather after a busy start to the year, and markets took stock of volatile conditions. The previously busy region has been devoid of new issuance since February 5, when Brazil’s Banco Votorantim priced a senior unsecured deal.
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Brazil’s Banco Votorantim returned to the international market for the second time in as many months on Friday, selling $500m of senior unsecured bonds the same week that volatile market conditions forced another Brazilian bank to postpone its transaction.
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Two days of relative stability in European peripheral sovereign markets lulled Spain’s Instituto de Crédito Oficial (ICO) and its three lead managers into believing a new five year benchmark could be successfully executed this week. Their confidence was premature.
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Corporate lender Banco Pine became the latest Brazilian bank borrower to issue lower tier two debt this week, in a $125m seven year deal priced to yield 9% and well supported by European and Latin American investors.
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