Americas

Royalty Pharma was the lone corporate issuer in the US dollar bond market this week, as earnings blackouts snuffed out supply.

Continued strong inflows into emerging markets debt funds are encouraging riskier Latin American companies to turn to debt markets for funding — even as political risks weigh heavily on the outlook for certain credits. While some buyers think they are picking up rare bargains, others are concerned that they’re becoming overexposed to the region.

US banks added to their massive dollar funding spree this week, as Goldman Sachs, Morgan Stanley and Bank of America took home a combined $22bn after reporting strong second quarter earnings.

Four public sector borrowers received strong receptions in the primary US dollar market this week, with a lack of supply in the currency over the last few weeks overriding volatility in US Treasuries.

China’s move to tighten its grip on overseas IPOs of technology companies could be a boon to a handful of other markets in Asia.

Chile’s head of international finance told GlobalCapital this week that the country was likely to tap euro and dollar bond markets again this year after it increased its 2021 funding needs by $8bn.

Frigorífico Concepción, the Paraguay beef exporter, sold its largest and tightest ever bond on Wednesday as it looked to continue its rapid expansion.

US investment banks enjoyed a boost in earnings from their M&A bankers in the past quarter as a flurry of deal making made up for a return to more normal levels of debt issuance and trading.

Interchile, the Chilean electricity transmission company owned by Colombian government-controlled conglomerate ISA, began investor calls on Tuesday ahead of a potential green bond issue.

LatAm bond buyers said that MC Brazil Downstream Trading’s debut bond issue on Tuesday had offered a rare chance to pick up yield in large size, as the company’s $1.8bn 10 year was spotted a point and a half higher in the grey market after pricing.

Goldman Sachs celebrated its second highest ever firm-wide quarterly net revenues, net earnings and earnings per share on Tuesday. It set the as-yet unbeaten net revenue record in the first quarter of the year.

The Inter-American Development Bank and the Province of British Columbia sold well subscribed dollar deals on Tuesday but volatility could be on the radar after US inflation data beat expectations.