LatAm Bonds
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The European Investment Bank proved more than ever this week that it has the most liquid franchise in the dollar market by issuing $4bn of three year global debt in the worst environment in the modern history of the bond markets.
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Mexican paper manufacturer Corporación Durango filed for bankruptcy on Monday, defaulting on $509m in bonds due 2017.
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• Debt guarantees to be based on CDS prices • Government eyes Nationwide despite headline tier one • RBS least convincing as big guns play down needs. The UK government’s widely lauded rescue package for its banks, announced on Wednesday, has the potential to transform debt and equity markets in the country, say senior bankers, but this week they still had more questions than answers.
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The crisis continues to worsen in Latin America, as currency selloffs and collapsing markets prompt governments across the region to tap currency reserves and take emergency liquidity measures.