Americas

Chile’s head of international finance said that the sovereign’s debut in the Formosa bond market this week was a natural continuation of the diversification of its funding sources, as Asian investors bought more than half of the government’s $1.5bn 32-year sustainable bond. The government has now issued green, social and sustainable notes in international markets.

Borrowers packed deals into the US corporate bond market this week before the Easter holiday weekend. Among them, BMW enjoyed a strong order book for its first dollar issue for a year.

Deutsche Bank conquered the fallout from the liquidation of US hedge fund Archegos Capital this week to print its first preferred senior trade of the year.

A staggering amount of capital has been raised by special purpose acquisition companies this year, but there is growing concern that the glut in supply will lead to many of the vehicles overpaying for M&A targets or being unable to find companies to buy.

Just over two months after it last issued internationally, Chile returned to primary markets on Tuesday with a sustainable Formosa bond. The deal was the second ever Formosa from a Latin American sovereign and comes as Chile makes efforts to diversify its funding sources.

Fédération des caisses Desjardins du Québec (CCDJ) issued a rare and well subscribed five year euro covered bond on Tuesday, which was priced inside fair value. The outcome was similar to a recent deal from National Bank of Canada, but is not expected to boost supply prospects.

Argentina’s largest province, Buenos Aires, has extended the expiry date on its debt exchange for the 14th time. But unless the province makes important improvements to the terms, the offer has no chance of success.

Empresas CMPC, the Chilean pulp and paper producer, began investor meetings on Monday ahead of a proposed sustainability-linked bond (SLB) that investors say is likely to attract strong demand as long as the volatility seen in rates market on Monday does not worsen.

China-based Energy Monster, a mobile device charging company, has kicked off the roadshow for its Nasdaq listing. It is eyeing up to $218.7m from the deal.

CNP Assurances found favourable pricing in dollars this week, when it ventured into the Reg S market for its second sale of restricted tier one (RT1) capital.

Grupo Bimbo, the Mexican food company that says it has gained millions of new customers during the pandemic on the way to posting record sales and Ebitda, will prepay $600m of global bonds maturing in 2022 using proceeds from a bank loan.

Magnum Opus Acquisition, a special purpose acquisition company (Spac), has raised $200m from a New York Stock Exchange IPO.