LatAm Bonds
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The Kingdom of Denmark took advantage of buoyant market conditions this week to price a $3.5bn three year Eurodollar bond, the borrower’s largest foreign currency transaction and the largest sovereign dollar bond since the Federal Republic of Germany’s $5bn five year transaction in May 2005.
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Investors’ growing risk appetite is extending into non-core dollar markets and niche currencies, and bankers expect this to result in a growing variety of issuance, with Romanian lei and Turkish liras, for example, in the pipeline.
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Supranational and agency issuers could be jostling for position in the euro market next week, with benchmarks for the World Bank and possibly Instituto de Crédito Oficial and the European Investment Bank expected in 10 years, and Société de Financement de l’Economie Française and KfW in three years.