Scotiabank
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Peru’s return to dollar bond markets after four years on Thursday saw it clinch its lowest ever yield and price flat to or even inside its better rated neighbour Chile. Yet so sought after is Peru’s hard currency paper that the government is having a tough time persuading bondholders to let go. -
There was high demand for dollar SSA paper as Kommunalbanken (KBN) printed at its tightest ever spread against the US Treasuries on Wednesday. Meanwhile the Province of Ontario has mandated for its own benchmark transaction.
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Peru will meet fixed income investors in the US on Tuesday and Wednesday as the new second best rated sovereign in Latin America prepares a dual currency bond offering that would include its first visit to dollar markets since 2015.
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The US’s Occidental Petroleum has completed an $8.8bn loan and is raising a $13bn bridge to back its $57bn purchase of Anadarko Petroleum, with a bevy of lenders getting in on the action.
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Brazil’s Suzano tapped international bond investors for the fourth time since September on Tuesday, capitalising on a dearth of recent supply from Latin America and favourable sentiment towards the pulp and paper sector.
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NRW.Bank has joined the list of dollar issuers this week, as the beneficial euro/dollar swap spread for euro funders and tight spread over Treasuries for dollar names proves an attractive lure.
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Chile raised around $1.5bn-equivalent of new peso debt on Wednesday in its fourth Euroclearable local currency deal.
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Latin American bond bankers believe primary market activity will pick up next week after a volatile week led some banks to postpone previously scheduled mandate announcements.
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Latin America’s best rated sovereign, Chile, will begin investor meetings on Thursday as it plots its third Euroclearable local currency deal.
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Nederlandse Waterschapsbank (NWB) acted as an oasis for dollar starved investors on Thursday, with its $500m no-grow floater oversubscribed before US markets opened.
