Monthly Archives: June 2013

Investors buy into new Mexico’s new dual debenture structure

Grupo Televisa’s $540 million-equivalent bond sale on May 7 demonstrates that the global peso structure (titulos de crédito extranjero) can extend beyond the only other issuer to date, América Móvil. When when América Movil pioneered the structure (which enables securities to … Continue reading

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Plural latest Brazilian local IB to squeeze internationals in ECM

Banco do Brasil’s BB Seguridade IPO last month raised R$11.48 billion ($5.7 billion), making it the largest IPO in Latin America since Santander’s IPO of its Brazilian bank in October 2009. It was also another high-water mark for the local banks … Continue reading

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Are emerging market indices telling the right story?

The popularity of some seemingly high-risk frontier bond issues suggests investors are driven by the need to fill index allocations rather than issuer quality. It also suggests the traditional market-capitalization approach of indices needs reconsideration. Recent low issue prices of … Continue reading

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