Americas

The Province of Buenos Aires reached a debt restructuring agreement with some but not all of its bondholders last week, leaving observers pondering what was left to resolve a stalemate that has already lasted 15 months.

Aeropuerto Internacional de Tocumen, the government-owned operator of Panama City airport, is looking to sell new bonds to refinance its existing senior secured notes, the issuer said on Friday.

The People & Markets section of GlobalCapital could almost have been called the Barclays section this week, given the number of stories that involved the bank. What has been going on?

A group of bondholders seeking to block a consent solicitation from Argentine utility Edenor could grow in number amid the lack of engagement between the company and its creditors, sources close to the situation told GlobalCapital.

Having sold €1.75bn ($2.1bn) of social bonds in euros on Wednesday, Chile returned to the dollar market for the fourth time this year on Thursday to print $3.75bn of social bonds across three tranches — the week after it had increased its 2021 funding needs by $8bn.

British Airways issued its first sustainability-linked bond this week, something still very rare in the airline industry. It was one of only a handful of issuers that braved volatility to enter the US corporate bond market this week.

Long dated issuance returned to EM primary bond markets in force this week as DCM bankers said issuers were seeing the latest fall in US Treasury yields as a sign that they should accelerate funding plans. Although several investors remain cautious on the prospects for rates markets, the weight of cash to be put to work is set to keep funding conditions attractive for EM borrowers, writes Mariam Meskin and Oliver West.

CPPIB Capital

In 2016, JP Morgan launched a service to help its corporate clients fill board positions with directors well versed in corporate governance. Now, as board composition comes under ever greater scrutiny, the bank is expanding the offering into EMEA.

Chile began chipping away on Wednesday at the bumper funding needs it announced last week, raising €1.75bn ($2.1bn) in social bonds in the euro market as investors said the government, which still has the lowest debt to GDP ratio in Latin America, has space to print more.

Moelis & Company has hired senior equity syndicate banker Melissa Mariaschin from Barclays in New York as the boutique investment bank expands its capital markets capabilities.

Barclays has elevated Jean Francois (JF) Astier and John Miller to co-heads of investment banking as part of a raft of promotions in New York that also include the appointments of Kristin Roth DeClark and Taylor Wright as global co-heads of capital markets.