LatAm Bonds
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Last week’s botched attempt by Petrobras to tap its global 2016 bonds again highlights a worrying intransigence among emerging market borrowers. It’s time the message was delivered loud and clear: “pay up or shut up”.
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The Hellenic Republic positively irritated bankers this week when it issued its third bond of the year — a Eu3.5bn tap of its outstanding 2024 deal.
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Petrobras postponed the tightly priced $500m reopening of its global 2016 bond this week after failing to attract enough investors, sparking fears that the region’s borrowers are ignoring new pricing levels and disappointing hopes that the issue would jumpstart cross-border issuance.