DCM off 2012 Pace: Dealogic

DCM off 2012 Pace: Dealogic

Corporate & Sovereign Strategy Bonds

LatAm DCM issuers raised $38.5bn in 1Q 2013, according to Dealogic, a 29% drop from 1Q 2012 and the lowest first quarter volume since 2010. The cross-border total of $28bn was also down, by 26%. The average deal size was $335m. High-yield sales totaled $11.4bn in the quarter, up from $6.1bn in 1Q 2012. Many of the usual investment-grade sovereigns and quasi-sovereign issuers, however, have been a notable absence. Petrobras – with a $7bn deal last year and a $6bn sale in 2012 – is a regular 1Q vo

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