Americas

CPPIB Capital made its debut in South African rand this week with an ‘old school MTN’ at the short end of the curve.

Four Latin America and Caribbean companies sold new issues in the dollar market at very tight looking levels on Thursday, as investors continue to feel pressure to put to cash to work amid extremely high liquidity.

Brazilian airline Gol on Thursday sold the first public bond deal from a Latin American airline since the coronavirus pandemic began, increasing the size of a tap of its 8% 2026s as hopes grow that the vaccine rollout will accelerate in the region and enable the worst affected industries to recover.

Green bonds took centre stage in the US corporate bond market this week, as issuance began to mount again after the recess for earnings blackouts. No less than three deals paired green and conventional tranches.

Chile raised $2bn in dollar markets on its fourth international bond market outing of the year on Tuesday, achieving slim new issue concessions even as volatility in domestic markets is leading the sovereign to lean more heavily on external funding sources.

The Financial Conduct Authority’s plan to look at helping US-style special purpose acquisition companies list in London smacks of short-termism. Even in the US, the epicentre of the Spac craze, there is a growing clamour for the Securities and Exchange Commission to toughen listing rules.

Alphawave, the Canadian company that develops technology for the semiconductor industry, is targeting a valuation of up to £3.2bn, according to the terms of its IPO on the London Stock Exchange.

A committee of Belize’s largest bondholders said on Wednesday that there was a “lack of transparency” in the country’s debt restructuring proposal, claiming that Belize failed to address several creditor concerns during confidential negotiations. The committee said bondholders should not bear the costs if Belize decides to reject an IMF programme.

AI Candelaria, the holding company through which private investors own a stake in Colombian oil pipeline Ocensa, is looking to issue senior secured bonds in the coming days as bankers say a sell-off in Colombian bonds remains relatively small despite major social unrest.

CDP Financial, one of Canada's largest public pension asset managers, has mandated banks to arrange calls with investors for its first green bond.

Banco General’s additional tier one debut on Tuesday came with a slimmer spread to its senior curve than similar instruments from Latin American banks, said bankers, as the Panamanian lender printed $400m of perpetual non-call 10 subordinated notes.

The Republic of Chile, until recently a rare issuer in international bond markets, sold its fourth cross-border bond of 2021 on Tuesday, becoming the fourth Latin America sovereign of the year to take advantage of a more liquid 20 year US Treasury to price a benchmark at that maturity.