Americas

Colombia’s sovereign bonds experienced a modest sell-off on Friday after Fitch become the second rating agency in less than two months to downgrade the government’s credit rating to sub-investment grade. But analysts noted that the market was already largely expecting the downgrade, which is likely to limit further widening.

Brazilian bank BTG Pactual added $250m to its January 2025 notes on Thursday, targeting retail investors as it sought to raise shorter dated funding than on its last bond market outing at the start of the year.

Banks that have access to diverse pockets of demand will be far better equipped to deal with any contraction in central bank liquidity, which could occur if high inflation spooks policy makers and markets.

The Bank of Nova Scotia’s Chilean subsidiary turned to the Swiss franc for its debut international bond sale on Tuesday, achieving a cost of funding well inside what it could have achieved in the domestic market.

Chile turned to international investors for the fifth time this year on Wednesday — and the first time in local currency — to sell over $2bn-equivalent of social bonds, with foreign buyers taking nearly half the deal.

Brazilian financial name BTG Pactual is set to price a tap of its 4.5% senior unsecured January 2025s on Thursday, with bankers expecting the bank’s strong recent performance to outweigh a market starting to show signs of new issue fatigue after a busy June.

Canadian Imperial Bank of Commerce achieved a roaring success with its $2bn five year 144A deal priced on Wednesday, the first from a Canadian bank in over a year. CIBC managed to achieve a size and spread that would not have been possible in euros and showed the importance of paying attention to key currency markets outside Europe.

UBS has appointed global heads of equity capital markets for the first time in almost two years as the Swiss bank eyes opportunities in a booming IPO market.

Chinese ride-hailing giant Didi has raised $4.4bn from its New York Stock Exchange IPO, increasing the size of the float after investors pumped more than $40bn of orders into the book.

An exciting rebound in the flow of China-into-US listings took an unexpected hit last week when online grocery start-up, Missfresh, plummeted on the first day of trading. While this is worrying, investors are still positive around these IPOs.

Brazil sold $2.25bn of dollar bonds across two tranches on Tuesday, taking advantage of a strong primary market window that is leaving some bond buyers underwhelmed with pricing.

Chinese online grocer Dingdong (Cayman) has cut its US listing size to $94.4m, just over one-quarter of its initial target, after rival Missfresh plummeted in its Nasdaq debut last week.