BBVA
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There was little sign of post-AB InBev indigestion in the corporate market on Thursday as Energias de Portugal issued a €600m seven year bond.
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GlobalCapital announces the results of its Equity Capital Markets Awards for 2015, following our inaugural ECM Awards Dinner, in London on March 16.
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Latin American euro denominated issuance looks here to stay, no matter the arguments made against it by US bankers, after Colombia sold its first bond in the single currency since 2001 on Wednesday.
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Beverage company Femsa became the third Mexican company in a week to sell euro denominated bonds on Monday, jumping on an ECB-driven rally in credit markets to sell €1bn of seven year paper.
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BBVA priced a well oversubscribed €1.25bn seven year with barely any new issue concession and a long way through the Kingdom of Spain’s spread.
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Cemex tightened its latest deal by over 50bp from initial price thoughts as the Mexican cement company was rewarded for a conservative starting strategy with a well-oversubscribed book.
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Fomento Económico Mexicano (Femsa) has mandated three banks for its debut euro denominated bond, which it will roadshow next week around the European Central Bank policy meeting.
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Not all emerging markets bond bankers may agree with the strategy — with certain deal-hungry New York dealers particularly vociferous in their opposition — but Latin American sovereigns are placing increasing faith in the euro market for their international funding, writes Oliver West.
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The Republic of Peru could become the third Latin America sovereign to issue in euros in 2016 after holding an investor call at 10.30am UK time on Monday.
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Concerns over the exodus of real money investors from the covered bond market were put to rest this week as a series of deals met exceptionally strong demand, with the sea change in sentiment being most conspicuous in the French sector.
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Argentina’s government reopened negotiations with holdout creditors on Monday after securing a $5bn loan from seven global banks last week.