Corporate & Sovereign Strategy

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 seen the last three years,” he says. “It feels like a sense of urgency

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