LatAm Bonds

Cemex, the Mexican cement company, issued over $1.75bn equivalent of notes on Wednesday evening — an increased offering marking its return to the high yield market after it had to pull an issue in March.

Greek officials began a fightback this week after Fitch downgraded the country’s rating to BBB+, criticising what they saw as an over-reaction by the agency and then investors, but promising to take credible steps at last to cut medium-term public borrowing.

Sovereign, supranational and agency borrowers have begun paying lower fees to their lead managers in an amicable, but partial, reversal of a price hike this time last year.

Emerging market borrowers are dashing back to investors for a final twirl on the dance floor before the year end, as markets recover from the shock of Dubai World’s debt standstill announcement last week.

Caisse d’Amortissement de la Dette Sociale (Cades) made a surprise appearance in the euro sector this week. The French social security debt agency took advantage of the low yield environment and the absence of any competing public sector supply to issue a Eu3bn five year bond, which many bankers believe will be the last big public sector benchmark of 2009.