|
According to ECLAC Washington
Office’s report Capital Flows to Latin America and the Caribbean: 2014
Overview, Latin American and Caribbean international bond sales in
2014 were the highest on record for the sixth year in a row.
In 2014, Latin American and Caribbean markets started and ended the year
under pressure. Markets were jolted by the official beginning of the
tapering of the Fed's quantitative easing program in January, and by the
decline in oil prices and strengthening dollar at the end of the year. From
March to early-September, however, low volatility and risk aversion opened
up a big window of opportunity for borrowers in the region. International
debt issuance in the region reached a record of US$133 billion in 2014 as a
result.
However, there are many signs that a slowdown in LAC debt markets is under
way. 2014 was a year of two halves: while the region’s international bond
sales reached a half-year record of US$ 84 billion in the first semester of
2014, in the second half of the year there was a noticeable slowdown, as
windows with best conditions became smaller. Issuance fell to US$ 49
billion, a little more than half of the first-half issuance and the lowest
half-year total since the second half of 2011.
|
No comments:
Post a Comment