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Guatemala Braves Market Conditions

May 30, 2012

Guatemala defied the recent global market volatility to price a new $700m bond, upsizing the deal from $500m and clinching a yield below 6%. Demand for the 2022 topped $2bn, according to investors following the sale. “Markets are fragile, but this is a good window to issue,” says an EM portfolio manager who found Guatemala’s bond fair value for a new benchmark 10-year. The Ba1/BB/BB+ Central American sovereign priced at 99.065 with a 5.75% coupon, to yield 5.875%, at the tight end of...

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