LatAm Bonds
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Brazil was deluged with $2.28bn of demand this week for a $525m reopening of its 6% 2017 global bonds, as investors, starved of sovereign emerging market paper, fought for a piece of the deal.
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Uruguay took another important step toward reducing its dollar debt yesturday, by issuing the peso equivalent of $500m of 20 year inflation-linked global bonds.
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Ratings agency Moody’s launched its loss given default and probability of default ratings methodology for speculative grade corporate leveraged loans and high yield bonds in Europe this week.
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The extendable FRN product took another step towards mainstream acceptance this week, when Dexia Credit Local priced the first benchmark-sized deal from a third-party credit and Allied Irish Banks added deals in euros and sterling.
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A handful of Brazilian corporate issuers this week gave international bond investors a rare treat by pricing deals with double digit yields of as wide as 11.125%.
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The sense of relief that descended briefly on the bond markets after the FOMC meeting last Wednesday (March 21) evaporated this week, as investors were seized by nervousness and uncertainty.
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The increasing international popularity of bonds denominated in Brazilian reais was evident this week, with a highly successful R$750m ($347m) tap of the sovereign’s 2028 real globals and news that Banco Safra was planning a $200m equivalent 144A RegS bond in reais.
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