[LATAM CLOSE]: Next Week At The Earliest
Without any additions to the pipeline and without any trades today, the LatAm new issue market continues its autumn lull into the end of the first full week of November. Post-election and post-Fed (today, the FOMC lowered the Federal Funds Rate by 25bp as f/c), LatAm credits continue to wait on the sidelines, and with tomorrow being a rare issuance day for LatAm credits (Friday) and with next week only seeing action from Tuesday at the earliest due to Veterans' Day, all remains quiet on the LatAm front.
In addition to U.S. equities remaining at historic highs following Tuesday's election, U.S. Treasury yields descended from yesterday's highs. The yield on the 10yr U.S. Treasury closed at 4.31% today, while the 30yr U.S. Treasury yield fell 8bp for a close at 4.52%; lastly, the yield on the 2yr U.S. Treasury closed at 4.21%.
With no signs of the September and October momentum which produced solid issuance and pushed 2024 totals above the $100bln mark, issuance in all likelihood will commence only next week at the earliest.
2024 volume remains at $107.267bln.
LATAM PIPELINE
There are no mandates at this time.
| LATAM VOLUME: [2024 ISSUANCE BY RATINGS] | ||||||
| TOTAL | IG | HY | ||||
| AMT | # | AMT | # | AMT | # | |
| JAN | 31184 | 20 | 23534 | 14 | 7650 | 6 |
| FEB | 9162 | 9 | 7313 | 5 | 1849 | 4 |
| MAR | 3547 | 6 | 2347 | 4 | 1200 | 2 |
| APR | 8373 | 13 | 5473 | 8 | 2900 | 5 |
| MAY | 6526 | 8 | 4466 | 4 | 2060 | 4 |
| JUNE | 11730 | 11 | 4070 | 4 | 7660 | 7 |
| JULY | 5542 | 8 | 2752 | 4 | 2790 | 4 |
| AUG | 3211 | 2 | 3211 | 2 | 0 | 0 |
| SEP | 14880 | 19 | 9490 | 9 | 5390 | 10 |
| OCT | 13112 | 15 | 5416 | 4 | 7696 | 11 |
| NOV | 0 | 0 | ||||
| DEC | 0 | 0 | ||||
| YTD | 107267 | 111 | 68072 | 58 | 39195 | 53 |
| LATAM VOLUME: [2024 ISSUANCE BY INDUSTRY] | ||||||||
| CORP | FIN | SSA | TTLS | |||||
| # | AMT | # | AMT | # | AMT | # | AMT | |
| JAN | 10 | 9938 | 4 | 2272 | 6 | 18974 | 20 | 31184 |
| FEB | 4 | 2349 | 2 | 1100 | 3 | 5713 | 9 | 9162 |
| MAR | 4 | 2497 | 2 | 1050 | 0 | 0 | 6 | 3547 |
| APR | 6 | 3250 | 1 | 500 | 6 | 4623 | 13 | 8373 |
| MAY | 5 | 2645 | 1 | 175 | 2 | 3706 | 8 | 6526 |
| JUNE | 6 | 3330 | 1 | 800 | 4 | 7600 | 11 | 11730 |
| JULY | 3 | 1390 | 2 | 433 | 3 | 3719 | 8 | 5542 |
| AUG | 1 | 211 | 0 | 0 | 1 | 3000 | 2 | 3211 |
| SEP | 10 | 7160 | 4 | 2000 | 5 | 5720 | 19 | 14880 |
| OCT | 8 | 5854 | 4 | 2025 | 3 | 5233 | 15 | 13112 |
| NOV | 0 | 0 | ||||||
| DEC | 0 | 0 | ||||||
| YTD | 57 | 38624 | 7 | 10355 | 33 | 58288 | 111 | 107267 |
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