Americas

Investors holding over a quarter of the Province of Buenos Aires’ international bonds said they would “vigorously pursue” the legal proceedings that they began on Tuesday against Argentina’s largest province, which has been in default since April 2020. But bonds rallied as some saw the move as a sign that a resolution was nearing.

Hong Kong-based Jeneration Acquisition Corp, a special purpose acquisition company (Spac), is planning to raise $300m from a Nasdaq IPO.

Peru’s largest lender, Banco de Crédito del Perú, offered a slim new issue concession on Tuesday as it sold $500m of tier two bonds, with bankers saying that liquidity dynamics remained favourable for Latin American issuers.

Operadora de Servicios Mega, the Mexican leasing company, began investor calls on Tuesday as it looks to raise up to $150m via a re-opening of its only international bond.

Zhihu has kicked off the roadshow for its US listing. The Chinese company is aiming to raise up to $632.5m from the public market, and a further $250m from a handful of high-profile investors through private placements concurrent to the IPO.

Banco de Crédito del Perú (BCP), Peru’s largest lender, scheduled investor calls beginning Monday morning ahead of a proposed 10.5 year non-call 5.5 tier two bond that will be used to refinance existing bonds.

In a move expected to add pressure to the already suffering long dated Treasury market, the Federal Reserve confirmed on Friday that US banks will once more have to include Treasury holdings in their leverage ratios from next month.

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.