Jan 17, 2014

Choppy markets for bond issuers in 2013 demanded creative solutions to get deals done. That’s unlikely to change in the year ahead

Bond sales were tough for Latin American borrowers in parts of 2013, especially given the mid-year market rout. But conditions may become even harder this year, says Chris Gilfond, head of Latin American capital markets at Citi.

"At the end of the day we are hoping for the best, but planning for choppy markets," he says.

Funding rates have become more expensive — and are likely to become more so, he tells LatinFinance. "We expect rates, quarter by quarter, to continue to rise and that will result in volatility and an uncertain market environment, which will require a careful approach and more creativity than we have...

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