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Debt: On the record

Nov 1, 2012

Latin American corporate issuance in September stood at just over $15 billion, according to Bank of America-Merrill Lynch, the second highest month this year, bringing year-to-date issuance to $83 billion – and breaking 2011’s historical record issuance of $76.6 billion.

BAML has revised its 2012 volume forecast for LatAm banks, corporates and quasi-sovereigns to $95 billion from $70 billion.

“Low interest rates, huge fund flows into emerging market funds and a market perception of getting more yield in emerging markets contribute to record-breaking numbers in new issuance and performance,” says Anne Milne, head of EM corporate research at the bank.

Investment grade bonds continues to dominate issuance — with 79% year-to-date being high yield deals. First time issuers have accounted for roughly 25% of total issuance this year.

Milne...

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At a fundamental level, the issue is how to generate healthy returns in the medium to long term. Policy holders can see their fund go down over the course of a week or a month, but what we really should be looking at is returns over 20 or 30 years.

Daniel Schydlowsky, Peru’s banking, insurance and private pension fund regulator


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