Americas

Tuya's shares soared nearly 20% on their debut in the US on Thursday, after the internet-of-things cloud platform provider raised $915.4m by pricing its IPO above the marketed range.

LatAm bankers and investors say a strong issuance window for non-Brazilian credits has opened, as political and fiscal concerns take their toll in Latin America’s largest economy.

Bond markets have been settling in for a period of higher US Treasury yields since Wednesday when the Federal Reserve confirmed it did not expect to raise rates before 2024. While that made long-dated issuance trickier for SSA issuers, there was hope that emerging market bond issuance will soon resume, even if a bumpy ride lies in wait. Mariam Meskin, Oliver West and Lewis McLellan report.

Several companies backed away from issuing dollar bonds on Thursday, after a dovish message by the Federal Reserve’s Open Market Committee on Wednesday failed to stem the rates sell-off. But Toyota Motor trusted that the market would be resilient and went ahead with its first industrial green bond.

National Bank of Canada’s €500m seven year covered bond issued on Thursday, showed that a positive spread to mid-swaps has a greater impact on demand than a positive yield.

The SSA market on Thursday was digesting the result of the previous night’s Federal Reserve meeting. Fed chair Jerome Powell took a dovish stance in spite of high economic growth, and some market participants believe that the strengthening inflation outlook could hurt demand for bonds at the long end of the curve.

Deutsche Bank and Standard Chartered sold their first green and sustainable bonds in dollars this week, giving US investors a chance pick up supply that would normally be expected to arrive in euros.

A booming equity-linked market in the US is tempting a more diverse range of issuers to sell convertible bonds ahead of an expected economic rebound later this year, writes Aidan Gregory.

The SSA market on Thursday was digesting the result of the previous night's Federal Reserve meeting. Fed chair Jerome Powell took a dovish stance in spite of high economic growth and some market participants believe that the strengthening inflation outlook could hurt demand for bonds at the long end of the curve.

Suriname asked bondholders for more time to reach a crucial agreement with the IMF on Wednesday evening, requesting investors extend a previously agreed holiday on all bond payments.

Moody’s became the third rating agency in four months to downgrade Panama’s sovereign rating, cutting the borrower from Baa1 to Baa2 on Wednesday afternoon on the back of an “unusually large” erosion of the country’s fiscal strength during the coronavirus pandemic.

Verizon Communications, the US telecoms group, embarked on an almost $3bn niche currency bond issuing spree this week, which included the largest foreign Swiss franc bond since early 2018.