Bonds with resettable coupons have been a central feature of the Latin American scene over the past year helping bring to market issuers unfairly penalized by blanket hostile conditions. This way, if things improve, interest payments will reduce. Equally investors feel secure in case the situation degenerates.
Complex in nature, banks structuring and selling these “spread floater transactions” have to convince sceptics both inside and outside the firm that the deal is do-able.
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