LatAm Bonds
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BNDES, Brazil’s state development bank, launched a competitively priced $1bn global bond this week, capitalising on the scarcity value of the credit and demand for Brazilian risk.
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Landwirtschaftliche Rentenbank is expected to issue a seven year dollar bond next week, becoming the first mainstream SSA issuer to extend beyond five years since September 2008 when the Inter-American Development Bank brought a $1bn 10 year bond.
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Government guaranteed issuance from European banks has all but dried up, the last issue being offered two weeks ago by Dexia-Credit Local in the sterling market. However, Société de Financement de l’Economie Française (SFEF), which borrows on behalf of the French financial system, remains active, this week issuing a $6bn three year bond.
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The European Bank for Reconstruction & Development (EBRD) this week issued the first sub-Libor dollar bond in the sovereign, supranational and agency market since October 2008, when public sector bonds were hit by the emergence of government guaranteed bank issuance.
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The Hellenic Republic’s 10 year euro tap broke several recent records this week as domestic and international investors clamoured for paper. At Eu8bn, it is the largest sovereign bond to be issued since 2004, at Eu22bn, the deal had the largest book in recent memory and the new issue premium at just 3bp is the smallest paid by any sovereign this year.
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The International Finance Facility for Immunisation (IFFIm) plans to launch a three tranche Uridashi via HSBC.