Even so, corporate bond issuance volumes could hit last year’s level of $28 billion, according to one banker. "In each of the next three years about $50 billion of international Latin American bonds and loans are maturing. If just the maturing debt is refinanced, we’ll be very close to 2008 international volumes. Given equity markets are less accessible, the volumes of previous years should easily be exceeded," says Chris Gilfond, head of debt capital markets for Latin America at Citi.
One issue facing potential borrowers is pricing, as even-state owned companies will have to pay up relative to the sovereign to attract investors. "Pricing is still a mixed bag and there is still some work to be...
