As an EM sell-off halted debt issuance in the cross-border
markets in May and June, niche markets in Switzerland and Japan
offered a window for LatAm borrowers looking for
diversification. Would-be dollar or euro issuers were forced to
wait out a virtual shutdown in the broader markets.
While new LatAm names have been able to print in the Swiss
franc market, this has not meant the Swiss window is open to
all issuers. Higher yielding credits still face difficulties
accessing the market. Brazilian Banco Pine, for example, had to
shelve a potential Swiss Franc deal.
Banco Santander Brasil turned to Swiss Francs, opting for a
125 million Swiss Francs ($131 million) deal in a move to
diversify funding efforts. The new 2015 bond, upsized from a
planned 100 million, priced slightly through secondary levels
of existing Swiss Franc bonds while filling a gap in the
bank’s Swiss Franc maturity...
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