LatAm Bonds
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Securitisation needs to find a new investor base to replace the leveraged conduits and structured investment vehicles on which it used to depend. Nationwide Building Society’s Silverstone deal this week showed how issuers can help newcomers engage with the product.
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The European Bank for Reconstruction & Development took advantage of Brazilian real demand to sell its largest ever issue in the currency, a R$150m ($87.74m) four year deal priced on Tuesday.
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The Republic of Italy has this week issued a new 30 year inflation linked transaction, the first syndicated linker from a Eurozone sovereign this year and the first syndicated 30 year since March 2007 when France issued its 2040 OATei.
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The dollar market remained active this week with Eurodollar issues from Kommunalbanken Norway (KBN) and Sweden, while Asian Development Bank and European Investment Bank placed semi-private transactions.