LatAm Bonds
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Banks took a major step towards achieving their demands for greater remuneration from public sector issuers this week when the European Investment Bank agreed to pay higher fees on its EARNs programme.
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Mexican cement company Cemex (BB+) failed to lengthen maturities on $418m of commercial paper while its stock price tumbled this week, piling on fears that its debt refinancing plans will come unstuck in 2009 amid a global recession and the credit crunch.
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KfW will have a decreased funding target of Eu65bn-Eu70bn for 2009, down from Eu75bn this year, bucking the trend of many issuers in the supranational and agency sector where volumes are expected to rise substantially in the coming year.