LatAm Bonds
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The success of Fannie Mae’s $7bn two year issue launched on Tuesday demonstrated with some pizzazz that, after the weekend bailout, GSEs are able access financial markets for decent size and fund at attractive levels, at least in short to medium maturities.
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The sell-off in underlying markets early this week following the announcement of the Fannie Mae and Freddie Mac rescue plan encouraged KfW and Kingdom of Spain to launch transactions they have been considering since May.
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While the New York market for Latin American bonds stays shut, in Mexico the local peso market is up and running.
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It was a disappointing week for Latin American debt bankers as the long awaited breakthrough deal, a benchmark-sized debut bond from Brazilian telecoms group Telemar, was pulled at the post on Wednesday.