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A late year rally in US Treasuries sparked optimism in a Latin American cross-border bond market that has been sluggish for two years. But GlobalCapital’s survey of senior LatAm bond bankers at 17 DCM houses shows observers are far from certain what the revival will look like and what will drive it.
By Oliver West 17 Dec 2020 Despite funding stresses in certain Latin American countries, bond markets will continue to help the region with its financing needs. For now, this eases the pressure for reform and fiscal consolidation, but issuers must eventually face up to political and social turbulence. Oliver West reports. When Peru sold $4bn of bonds in November, including a century tranche, despite having had three presidents in two weeks, treasury director José Andrés Olivares found symbolic comfort in a $15bn order book. The amount surpassed, noted Olivares, the unprecedented $12bn or so...