Ten months good, two months bad…
Latin American borrowers have rarely had as good a reception in international capital markets as they did in the first half of 1997. Many corporate treasurers took advantage of favourable market conditions to issue long-term debt, thereby giving a better balance to their debt-maturity profile. None more so than Endesa (Empresa Nacional de Electricidad), the Chilean electricity generator that in January became the first Latin American company to issue a century bond.
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