Americas

Santander Chile sold its first public international bond in over a year on Tuesday, turning to the Swiss franc market and pricing well inside its domestic curve as the local market loses its lustre.

Emerging market fixed income analysts are right to assert that the asset class is well placed to avoid a taper tantrum such as it endured in 2013. That does not mean issuers should not be hurrying up their funding plans.

Bank of Montreal is seeking investor consent to switch from referencing Libor to Sonia on its sterling covered bond, following similar moves from other borrowers. Different calculation methods are emerging for the transition.

UP Fintech Holding has launched a follow-on offering of new American depositary shares (ADS) worth around $173.5m.

Brazilian airline Azul is looking become the first LatAm carrier to sell senior unsecured bonds since Covid-19 battered the sector last year. The proposed five year benchmark would also be the first triple-C rated new issue from the region since the pandemic began.

Two Colombian oil exploration and production companies began deal marketing on Monday as bankers and investors said that continued social unrest and political volatility in the country will not stop bond buyers from putting cash to work.

Sell-side bankers say there could be up to 12 new issues from emerging market issuers this week as borrowers look to capitalise on extremely strong market conditions ahead of expectations that the Federal Reserve will cut its bond buying later in the year. Inversiones Latin America Power, one of the largest wind generation companies in Chile, was one of four LatAm companies to announce deal plans on Monday.

CPPIB Capital sold its first public Sonia floating rate note on Monday, with Oesterreichische Kontrollbank set to be the next public sector borrower to hit the sterling market after mandating banks for a long four year fixed rate benchmark.

The Central American Bank for Economic Integration (Cabei) is working to develop a regional bond market that it hopes will broaden the investor base for Central America’s sovereigns, some of which have patchy access to global markets. Cabei’s CFO told GlobalCapital that the supranational will provide seed capital for a fund to participate in the market, which he believes could eventually attract foreign buyers.

Chinese online recruitment company Kanzhun has hit the road with an up to $912m Nasdaq listing.

Deutsche Bank’s recently announced policy on returning to the New York office in September fits what many bankers have been expecting for months and heralds a return to normality. But for a small subset of bankers who left offices in London for lockdown in March 2020, the end of restrictions will also mean a change of circumstances — and getting used to living in a new country.

Brazilian steel producer CSN and Mexican building materials company Cemex continued a storming week for Latin American high yield issuance with new deals that attracted bumper orders and priced tight to bankers’ expectations — even if comparable deals were not always clear cut.