LatAm Debt Markets Party On
Jan 1, 2010
Pinching themselves near the end of a tough 2009, issuers, investors and bankers were asking themselves how long favorable new issuance conditions would hold up this year.
Appetite is expected to remain, with most worries having to do with external shocks. Optimism was widespread, even as several issuers lined up in December to print before year-end.
"We still have good inflows and there’s still a lot of interest in the market," says Cathy Elmore, who manages $550 million in EM debt at Blackfriars Asset Management. "As long as treasury yields are low, I think a lot of the new issuers will still be able to come to the market with ease."
Elmore expects frequent names like Mexico, Brazil and Pemex to be among the first in January. It is hard to say when treasury yields might rise and become less favorable to issuers, though many economists do not forecast a tightening from the US Fed until late in the year.
Mexico’s Cemex was leaving nothing to chance in...
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