Webinar: Syndications for issuing local bonds tradable at international clearing securities: the pros and cons for attracting foreign investors

In April 2019, Panama launched its first Euroclearable domestic bond at the local Stock Exchange through a syndication attracting international investors and increasing competition for government securities issued under local law. The Panamanian experience sheds light to sovereigns struggling with a few large market participants that distort the price discovery process in the regular auctions in the absence of a diverse investor base.

Chile has used syndications to issue Globals in the international capital markets as well as Euroclearable domestic bonds, both in local currency. While attractive from the point of view of foreign investors, the two alternatives have disadvantages in terms of limiting space for regular auctions and possibly fragmenting the secondary market between local and international trading pools.

In this webinar, the DMOs of Chile and Panama will present their countries’ experiences. They will be followed by a panel discussion that includes Mr. Charles Moser and Mr. Leandro Secunho. Mr. Moser is a Managing Director from Morgan Stanley, who have participated in several of these transactions in Latin America. Mr. Secunho is a World Bank Treasury Senior Financial Officer and a former Head of the Brazilian DMO Front Office.

A Q&A session will provide the participants with the opportunity to discuss and share other experiences and lessons learned.

Participation is by invitation only.