Americas

Credit spreads held firm in the US corporate bond market on Thursday, despite a sell-off in Treasuries after the Federal Open Market Committee took a tone interpreted as hawkish. Three companies were tempted to issue.

Macquarie Group secured its tightest ever pricing for a dollar trade as it took advantage of strong funding conditions this week with a 144A/Reg senior offering.

Latin America bond market participants saw signs this week that risk appetite is waning, with recent deals under par in secondary markets. Added to a more hawkish stance from the US Federal Reserve, bankers and investors expect issuance from the region to slow.

The sterling covered bond market exploded into life this week as three transactions worth more than £3bn priced in three days, increasing this year’s issuance by 150%, and boosting hopes that more deals will follow.

Korean Housing Finance Corporation mandated leads for a euro covered bond on Thursday, to be issued under its social framework. At the same time, after this week’s trio of sterling covered bonds bankers believe there is scope for further Sonia-linked supply.

China’s Full Truck Alliance, an Uber-like service for trucks, launched an IPO on the New York Stock Exchange this week. It is aiming to raise up to $1.56bn.

Credit Suisse’s investment bankers are looking to its top ranks for an injection of belief in the future of the business, following cuts to the bonus pool and defections from those with less patience, writes David Rothnie.

Brazilian food company BRF said on Wednesday that it is giving bondholders more time to participate in a tender offer for a portion of its global bonds maturing in 2030.

Canadian Imperial Bank of Commerce managed an outstanding result in sterling covered bonds on Wednesday. Despite the fact that 60% of this year’s entire supply has come in the past three days it managed to issue a sizeable deal at the same spread as an earlier one from Bank of Nova Scotia.

HSBC Asset Management is unifying its alternatives businesses, creating a single 150-strong team led by Joanna Munro, previously the firm’s global chief investment officer, in London.

The government of Suriname on Tuesday accused its bondholders of taking an “unconstructive and confrontational stance” after the creditor committee had on Monday opted to exercise an option that allowed them to cancel the payment relief previously offered to the sovereign.

Mastellone Hermanos, the largest dairy company in Argentina, has fallen short of getting the bondholder support it needs for its proposed distressed exchange offer. The borrower, which is dealing with the fallout from capital controls in its home country, needs the support of another 1.47% of its bondholders to proceed with the offer.