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.
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