Opportunistic investment grade Latin American corporate,
sovereign and select high-yield borrowers were the theme in
May, June and early July taking advantage of issuance windows
amid continued volatility in the bond market.
The pace of issuance slowed from the first quarter, but
bankers were confident better news beginning to emerge from
Europe would mean open markets for those who need the
"There is a really solid pipeline of business that should
get done," says Chris Gilfond, co-head of LatAm DCM at Citi.
"It may need to wait a month or two in terms of finding the
right window, but I’d expect something like second
quarter volume in the third quarter." He expects DCM volume
this year to exceed 2011’s total, both in terms of
cross-border volume and combined cross-border and local market
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