LatAm Bonds
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The yen market is becoming a haven for supranationals, agencies and other frequent borrowers looking to capitalise on renewed demand from Japanese investors for highly rated issuers, which these days offer attractive spreads over Libor.
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KfW adopted a novel syndicate structure to execute its Eu5bn five year benchmark this week, recruiting five German banks with solid regional distribution capabilities as senior co-leads, together with an international group of co-leads and a selling group, in addition to lead managers Citi, Deutsche Bank and UBS.
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The Netherlands’ unique method of auctioning new governments bonds via Dutch Direct Auction (DDA) proved effective this week, enabling the issuance of a Eu6.523bn July 2019 transaction at 75bp over Bunds, 2bp inside the tight end of original guidance.
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The Hellenic Republic accessed the short end of the market in great style this week, issuing a Eu7bn three year bond, the largest single tranche deal ever launched by the issuer. But the results were marred by a dramatic spread widening in the Greek curve yesterday.
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The United Mexican States scrapped the 21 year tranche of its bond issue this week and opted instead to only issue a five year, disheartening Latin American markets by highlighting the divide between prolific US high-grade borrowers and emerging sovereigns deprived of market access for new long-dated paper.