LatAm Bonds
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Launch of the new South American multilateral lender Banco del Sur, championed by Venezuelan president Hugo Chávez as a possible replacement for the IMF and World Bank in the region, is set for July.
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Brazil retapped its 2028 global real-denominated bonds on Tuesday for R$750m ($394m), achieving the lowest yield yet for its global domestic currency paper.
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Global credit markets stood their ground this week in the face of a new wave of volatility, triggered by the collapse on Wednesday of two hedge funds run by Bear Stearns, which imploded as losses on subprime mortgage investments spiralled.
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The jumbo bond issue from American Express Centurion Bank and American Express Bank FSB, announced on Wednesday as a six tranche beast of $3bn, grew to $3.5bn before pricing yesterday (Thursday) afternoon.
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Big bond offerings from Bank of America and Wachovia helped June get off to a flying start in the US high grade market.