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Companies have been increasingly issuing high-grade bonds to make contributions to pension plans. But any new supply will be offset by increased demand from private defined benefit plans rotating out of equities into fixed-income, said Bank of America Merrill Lynch in a report released on Thursday.
BRF bonds were bouncing off lows on Tuesday after plummeting in recent days on news that it was one of several companies named in an investigation of alleged bribery of health inspectors.
Bolivia achieved its lowest coupon ever last week after aggressively tightening pricing on a US$1bn 11-year bond, as investors shrugged off poor credit metrics and political risks ahead of the 2019 elections.