Santander
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Brazil’s Odebrecht Oil & Gas this week roused the LatAm dollar bond market from a new issue lull that lasted nearly three weeks.
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Private placements from peripheral European financial institutions will dominate the market in the coming weeks as investors hunt for yield, according to MTN dealers. These banks could steal the spotlight from Nordic financial institutions, which have dominated the market this week.
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Private placements from peripheral European financial institutions will dominate the market in the coming weeks as investors hunt for yield, according to MTN dealers. These banks could steal the spotlight from Nordic financial institutions, which have dominated the market this week. -
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A lack of issuers, not a lack of demand, is keeping Latin American debt capital market activity quiet as the region looks set for its second consecutive week without issuance.
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French industrial tube maker Vallourec has signed a €1.1bn five plus one plus one revolving credit facility from 19 banks. The deal could be a precursor to many more amend and extend exercises this year.
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Brazil infrastructure group Odebrecht may finally bring some new issue action to Latin American DCM next week after mandating banks for a potential new bond to be issued by its oil and gas unit via Odebrecht Offshore Drilling Finance.
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UBS proved that appetite for risky, deeply subordinated bank capital instruments was impervious to the travails of emerging markets this week, raking in over €10bn of orders for its 12 year non-call seven tier two Coco and setting the stage for more euro supply from BBVA.
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UBS shrugged off the naysayers’ talk of emerging markets contagion and closed FIG markets on Thursday, launching the year’s first euro-denominated contingent capital deal and raking in almost €10bn of orders by lunchtime.
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The restructuring of the Spanish banking system has so far been good for league table positions, but not for fees. But flotations of consolidated cajas could be what revenue-starved advisers need, as David Rothnie writes.
