Americas

Bonds issued by Mexican payroll lender AlphaCredit lost around half their value on Wednesday after the company revealed a correction in its accounting of derivatives positions would lead to an impairment charge of Ps4.1bn ($206m). Investors and analysts said this would take the non-bank lender’s equity into negative territory, suggesting default was a growing inevitability.

Brazilian cosmetics group Natura on Wednesday became the third Latin America company this week to announce plans to issue sustainability-linked bonds, joining Mexicans Femsa and Metalsa in the pipeline.

Latin American oil and gas company GeoPark priced a reopening of its 2027 bonds with a negative new issue concession on Tuesday, taking advantage of strong demand from holders of its old notes to raise $150m.

Mark Manduca, a European equity research analyst at Citi, has been appointed as chief investment officer of GXO Logistics ahead of its spinoff from its New York-listed parent XPO Logistics.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, April 19. The source for secondary trading levels is ICE Data Services.

As Colombia’s government gears up for a political battle to push through a tax reform that may save its investment grade status, the sovereign’s head of public credit told GlobalCapital that the market reception of a dual tranche bond issue on Monday represented a vote of confidence from international investors.

US-listed Zai Lab and Futu Holdings are tapping the equity market for funds through follow-on offerings, with both the Chinese companies launching their transactions after a rally in their stock price.

RBC Capital Markets has created a new leadership position at the top of its global public sector markets business, promoting a senior banker in Toronto to fill the role.

Citi's head of EMEA banking, capital markets and advisory, Phil Drury, is relocating to San Francisco to take charge of a new franchise covering technology and communications.

Puerta de Hierro, a toll road project in Colombia’s Caribbean region, will begin investor calls on Monday as it looks to sell an inflation-linked Colombian peso-denominated social bond that has a double-A credit rating thanks to a guarantee from the US International Development Finance Corporation (DFC).

Oil and gas producer Pan American Energy is looking to become the first Argentine company to issue international bonds this year, though it is the company’s operations in Bolivia and Mexico that may enable it to dodge the distress in its home country.

Scotiabank has hired a new head of syndication in New York, GlobalCapital understands.