Americas

Mexican food company Grupo Bimbo proceeded with a 30 year bond issue on Wednesday despite a US inflation reading that sent Treasury yields to their widest levels in a month. A strong bid from US investment grade buyers ensured a bumper order book, but some observers were surprised that the issuer had not delayed its deal in the face of a tricky market.

GlobalCapital talked to Sarim Farooqi, senior vice-president and treasurer at Laurentian Bank, about the issuer’s recent C$250m five year debut covered bond, established under its new C$2bn covered bond programme, and what the bank’s next moves in the covered bond market could be.

Two SSA borrowers landed in the euro bond market on Wednesday while a third lined up business for next week. Issuers may still be achieving good results but bankers believe conditions are turning bad.

Asia-focused special purpose acquisition company Seven Islands has filed for a $300m Nasdaq listing.

Inversiones Atlántida (Invatlan), the Central American financial services group that owns the largest bank in Honduras, is looking to raise $300m of senior secured bonds, it told fixed income investors this week.

Deutsche Bank has hired Richard Robinson, a Morgan Stanley banker of some 21 years, as a managing director and vice-chairman of its global industrials group in New York.

Weil, Gotshal & Manges has hired a capital markets partner from Shearman & Sterling in New York.

Uruguay began investor calls on Monday ahead of a proposed dollar and global local currency bond issue. The marketing effort came as the government continues to take steps towards issuing what would be the first sustainability-linked bond from any sovereign — though this week’s expected deal will not have ESG characteristics.

AI Candelaria, the holding company through which private investors own a stake in Colombian oil pipeline Ocensa, returned to bond markets on Monday with a larger than expected $600m deal as Ocensa’s resilience during the coronavirus pandemic outweighed concerns about social unrest and a potential credit rating downgrade in Colombia.

The dollar market filled up on Monday with mandates from a broad range of SSA borrowers. Canada, European Investment Bank, BNG and Tokyo Metropolitan Government were all set to hit the market on Tuesday.

Chinese health insurance and healthcare crowdfunding platform Waterdrop has raised $360m after pricing its US IPO at the top of the marketed range.

The government of Suriname issued a stinging riposte to its bondholders on Friday, accusing the creditor committee of issuing a “misleading and factually incorrect statement” about the sovereign’s debt restructuring.