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Execution Risk Likely to Keep Issuers Away

Jun 11, 2012

With Greek elections Sunday and other macro uncertainties on the horizon, LatAm debt issuance is expected to remain inactive with the possible exception of opportunistic high-grade trades, leaving investors to turn to the secondary market. “If the primary market is paralyzed the secondary is as well as everyone is focused on contagion, on currencies and how to respond to FX risks. Mostly everyone is sidelined,” says Siobhan Morden, head of LatAm Strategy at Jefferies. Issuers wanting deals have little hope of announcing roadshows, as the market volatility has the...

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The most pressing issue is related to guaranteeing this growth of the system, the savings. We have to guarantee that this growth is followed by better asset managers on the side of the Afores.

Carlos Ramírez, Mexico’s pension regulator, Consar


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