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Corporate Flow

May 1, 2011

Keywords: Jim Harper Bradesco Citi HSBC Itaú

DCM issuance began to pick up again in March and April after a weak start to the year, though the message remained the same: buyers were more selective than in 2010, and concerned about inflation. Though not generally in need of cash, corporate issuers looking for funding before a potential increase in US interest rates still dominated new deal flow.

“Investors’ biggest concern is inflation,” says Jim Harper, director of corporate research at BCP Securities. “There are still inflows into the asset class and still deals getting done.”

“For fixed-income, it is an issue of relocation,” says Paul Denoon, head of EM debt at AllianceBernstein. He explains that there may be more funds going into products other than straight EM, such as multi-sector funds with an EM component. The slowdown in flows is not a major concern at this point, he adds. EM bond...

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