Scotiabank
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Two companies could bring some life to Latin American bond markets on Thursday amid a quiet period for new issues despite apparently supportive conditions. -
Chilean pulp and paper company Celulosa Arauco y Constitución is likely to perk up the Latin American bond markets this week as it weighs up the sale of new bonds to finance a tender offer.
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Just one Latin American issuer comprises the visible new issue pipeline, though bankers say market conditions continued to be favourable during the short working week.
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Empresa de Transmisión Eléctrica (Etesa), the sole electricity transmission company in Panama with exclusive rights to the network, began investor meetings last Friday as it plots an inaugural international bond.
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International bond investors have admitted to being impressed at the market’s capacity to absorb local currency paper after Peruvian conglomerate Alicorp sold the second global sol bond in the space of a week.
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Bank of China sold another blockbuster Belt and Road transaction on Wednesday, raising $3.8bn across eight tranches of notes in five currencies across five bank branches, It was the largest transaction sold under the BRI label.
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Conglomerate Alicorp sold the second global nuevo sol bond to emerge from Peru in a week on Wednesday, copying the execution pattern that worked well for Telefónica del Perú last week and pricing inside its lower-rated compatriot.
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L-Bank and the Province of Manitoba kept the dollar SSA market busy on Tuesday, launching deals totalling $2.5bn.
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Sovereign, supranational and agency (SSA) issuers burst into the second quarter with a scorching week that saw plenty of big books and minimal or negative premiums.
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Swedish Export Credit joined the growing ranks of public sector issuers that have priced bonds though its curve this week when it printed a $1bn 2021 bond with a negative premium.
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Telecoms company Cable & Wireless returned to bond markets on Tuesday, less than a week after it tapped its senior unsecured 2027 bonds, with a new senior secured bond with a similar maturity.
