LatAm Bonds
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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.
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Three Brazilian banks have been chasing tight yields, with two pricing deals and a third to come, but market participants have raised concerns over levels and secondary market conditions.
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The euro market proved to be more receptive in the first week of the year for SSAs than its dollar counterpart, especially for those issuers seeking duration. While dollar issuers found the book building process to be sluggish, those taking the euro route found a ready audience for their transactions.
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Canada sold its debut euro bonds this week, creating a storm of buying that allowed it to price through heavyweight European governments and giving the 10 year sovereign sector a lift ahead of a strong issuance calendar.
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Several Latin American companies are lining up to issue debt after BNDES reopened the market on Tuesday with a deal that took full advantage of January liquidity and positive perceptions of Brazil. At a launch yield of 5.63%, on guidance of 187.5bp over Treasuries, the agency’s $1bn 10 year issue was priced aggressively, according to bankers.