Santander
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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. -
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.
