Deals (1)

Deals (1)


Sovereigns Return to DollarsSovereign issuers piled back into dollars in November. After a seven-month absence from that market, Brazil kicked off with an unexpected $1.5 billion 6% global due 2017, which priced to yield 6.25%, or 159 basis points over comparable US Treasuries. Barclays Capital and Deutsche Bank led the deal. Elsewhere, Venezuela and Argentina finally brought out the much-heralded "Bono del Sur." In the end, it was not so much a jointly issued bond as three grouped together, comprising 50% newly issued Venezuelan TICCs (título de interés y capital cubierto) maturing in 2017; 30% Argentine dollar-denominated Boden 2012s, and 20% Boden 2015s (held by Venezuela). The

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