Bond supply resumed later in the year than usual because of
a rise the global risk aversion driven by the sub-prime scare.
But the taps turned back on in October, particularly for high
yield. Mexico got the ball rolling, as per tradition, and
bankers predict a solid end to the year, despite competition
from loans and local markets, as well as continued external
TGI, the Colombian state-owned utility, kicked off the junk
party with $750 million in 2017 dollar-denominated notes prices
at par to yield 9.50%, marking the first significant
cross-border LatAm corporate since July. The amount was $150
million short of the planned $900 million size, although demand
is heard to have reached $2 billion. Also, a planned tranche of
pesos, floated in the 12% area, was scrapped entirely.
One investor who bought says TGI chose to retool the BB rated
offer to maintain a strong...
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