LatAm Bonds
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The European Investment Bank priced a P320m (Eu39.5m) one year Botswanan pula bond this week. It is the first transaction in the currency since January 2006 and the success of the deal confirmed investors’ appetite for the currency.
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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.