LatAm Bonds
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Moody’s is planning to launch a review of how it awards equity credit to corporate hybrid deals, in a move that could make it more difficult for issuers to structure securities that yield sufficient equity credit but are still attractive to investors.
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A new agency is poised to debut in the bond market next month, with Spain’s Fund for Ordered Bank Restructuring (FROB) expected to issue its first deal in November, EuroWeek has learnt.
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Banco BMG will start roadshowing a $300m 10 year tier two transaction on Wednesday.
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Banco do Brasil issued a $1.5bn perpetual non-call 11 year hybrid on Tuesday, reopening the tier one space for emerging market borrowers for the first time in a year, and doing so at a price that compared favourably with recent heavyweight European bank deals.
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Increased participation from central banks, less reliance on bank treasury orders and little if any new issue premiums required to get deals away — the dollar SSA market this week looked ready to return to pre-Lehman health.
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The Republic of Colombia followed recent long dated Brazilian and Mexican sovereign issues when it sold $1bn of 31 year bonds at 200bp over Treasuries on Tuesday.