Americas

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.

Mexican industrial parks operator Corporación Inmobiliaria Vesta began investor calls on Monday as it looks to become the latest Latin American issuer to join the sustainability-linked bond (SLB) club. Though bankers continue to see LatAm companies obtaining pricing benefits from SLBs, a handful of recent deals are trading below re-offer in secondary.

Gol, Brazil’s largest airline, is looking to reopen a private placement sold in December with the aim of making it a public benchmark this week. As it looks to double the size of the 8% June 2026 bond from $200m to $400m, Gol told investors at its roadshow presentation that it expected the yield on the tap to be around 8%.

Hong Kong-based Summit Healthcare Acquisition Corp has set the ball rolling for a Nasdaq IPO of about $200m.

US corporate bond issuance slowed to a trickle this week, due to earnings blackouts, leaving the market with $52bn of deals to show for April, a far cry from last year's $234bn at the height of coronavirus safety fundraising.

Latin America’s sustainability-linked bond (SLB) market is taking on a life of its own as issuers warm to the structure and tailor it to their own needs. Brazilian cosmetics company Natura was one such company to do just that this week, veering away from the standard 25bp coupon step-up on its SLB debut.

PSP Capital, the debt issuance arm of Canada’s Public Sector Pension Investment Board, is planning a dollar benchmark — its first international bond ever.