Dollars Trump Euros for Bond Issuers

Dollars Trump Euros for Bond Issuers

Europe

Recent deals from Votorantim and Vale have bankers pitching LatAm bond issuers to attack euro-denominated markets, but larger European-based investors doubt this will become a serious trend. "Liquidity is to be found only in the dollar market," says Jean-Dominique Butikofer, head of EM fixed-income at UBP. Despite that, the euro-denominated market has open and shut many times, he explains. And it can offer attractive diversification and funding costs for issuers, but not great value for investor

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