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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