LatAm Bonds

Société de Financement de l’Economie Française — SFEF – powered into the market with its second transaction this week, a Eu6bn two year deal that achieved a level that not only banks issuing government guaranteed bonds but also SSAs tapping the euro sector could only dream of.

The European Community will launch its first public euro transaction next week and Société de Financement de l’Economie Française (SFEF) its second bond issue, ahead of next Thursday’s European Central Bank meeting when eurozone interest rates are expected to be cut by at least 50bp.

BlueBay Asset Management — one of the UK’s leading specialist fixed income managers — was forced to close down its long-short emerging markets fund yesterday (Thursday) after shedding 53% of its value, highlighting how deleveraging and volatile credit spreads are savaging fixed income investments in risk markets.

Eksportfinans has obtained Nkr50bn ($7.21bn) of financial support from the Norwegian government in a move the credit export agency hopes will ease the problems it is facing in raising long term funding in the international capital markets.