LatAm Bonds
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The dollar market continued to offer a ready home for SSA issuers this week, absorbing an additional $6.25bn of supply from the non-GSE borrowers on top of the $15.5bn issued the previous week.
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The new price levels being offered by sovereign, supranational and agency issuers attracted a new investor base — bank treasuries — for the dollar bonds of sovereign, supranational and agency issuers this week.
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Two triple-A eurozone sovereigns issued five year euros this week but the deals were poles apart.
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The first niche currency bond since September was issued yesterday when the World Bank tapped its June 2011 Mexican peso bond for Ps100m ($7.4m) through TD Securities. With a coupon of 8.25%, it was issued with a re-offer yield of 7.122%. It was in response to one investor in Asia who wanted to add Mexico to his portfolio.