Debt: Setting the pace

Jan 1, 2013

Another bumper year for Latin America’s debt capital markets is in the books. The region’s credits issued $158.9 billion in cross-border bonds from 400 transactions just ahead of the Christmas break, according to Dealogic, up from $128.6 billion through 329 deals for the same period in 2011.

Moreover, the closing months of 2012 were marked by further issuance from investment grade and occasional high-yield credits rated double B. Volumes remained strong thanks to the low interest rate environment, record fund flows, strong local demand and the expansion of the third round of quantitative easing.

Bankers anticipate better – or at least equal – volumes in 2013, although the same uncertainties that haunted 2012 still linger. These risks are, according to JPMorgan, the growth slowdown across the US and euro-area, the impact...

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