LatAm Bonds
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Ecuador’s controversial economy minister Ricardo Patiño has been replaced by vice-minister Fausto Ortiz, in a move that has pleased markets.
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Argentina’s government is heading for a difficult choice between spiralling domestic funding costs and a renewed engagement with the ‘holdout’ international investors that spurned the country’s debt restructuring, former government officials warned this week.
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Banco do Brasil and Companhia de Bebidas das Américas (AmBev), Brazil’s largest bank and biggest brewer, have both sold their global bond offerings at smaller than anticipated size. Argentine electricity distributor Edenor held off altogether in a market that continues to look tough for Latin American corporate issuers.
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Ecuador’s government will launch a commission on Monday (July 23) to ‘audit’ the country’s debt, with a view to determining policy including a possible moratorium.
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Only one global bond, an airport securitisation from Lima Airport Partners, made it to market in Latin America by the end of yesterday (Thursday). Yet, absent further market shocks, there is a healthy pipeline for Latin American corporate issuance for the rest of the month.
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Ecuador’s president Rafael Correa may be moving towards scrapping the country’s long-standing use of the dollar as its currency, a former minister has warned.
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JP Morgan this week launched an algorithmic investment strategy designed to let investors make carry trades in a range of emerging markets currencies.
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Venezuela’s finance minister, Rodrigo Cabezas, has announced a public debt programme of $2.8bn for the second half of this year. The paper will be sold in the local market, in an effort to curb the highest inflation rate in Latin America.
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Mexico’s Aeroinvest, a wholly owned subsidiary of Mexico’s largest engineering firm ICA, brought a Ps2.7bn ($258m) airport revenue securitisation on Friday 22.