BEST LOCAL CURRENCY FINANCING
Colombia paved the way for LatAm issuers in April with an $800 million 2021 equivalent global TES bond. It braved the market to issue the first global local currency deal from LatAm since 2007, according to Dealogic.
The transaction was so
successful that three months later Colombia re-tapped for a
further $500 million equivalent in July. Being the first to
re-open the market was a risk, so it was important to be sure
investors liked the currency and were ready to buy.
The deals success
demonstrates elevated investor appetite for local currency
assets and faith in the strength of Colombias currency
and economy, in the context of low G3 rates. The March 2010
amortization of $653 million equivalent in global TES notes
also boosted technicals.
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