Americas

Europe’s equity bankers are looking nervously across the Atlantic at a prolonged sell-off in US stocks that began when fears of impending inflation caused investors to dump tech stocks. The contagion has spread to the European markets, with investor fear starting to show in recent block trades, writes Sam Kerr.

Fitch Ratings said on Wednesday that it would continue to provide international ratings and research on Mexican government-owned oil giant Pemex even after the issuer said it was dispensing with the agency’s services. Previously, Mexican president Andrés Manual López Obrador had publicly criticised Fitch’s negative rating actions on Pemex, which accounts for nearly 10% of investor holdings of EM corporate bonds.

Beef exporter Minerva navigated another volatile day for Brazilian assets to raise $1bn of new 10-year non-call five notes on Wednesday, offering a slight pick-up to rival Marfrig that bankers saw as justified given Marfrig’s larger size and US operations.

Coupang, an e-commerce company, has kicked off bookbuilding for an up to $3.6bn IPO that is set to be the largest ever US listing by a South Korean issuer.

Online car marketplace Autohome has launched the roadshow for a secondary listing in Hong Kong. The float of new and existing stock could raise up to HK$7.6bn ($983.2m).

International bonds issued by El Salvador and Costa Rica are proving to be a sweet spot for EM investors, with the notes extending their rally this week as both countries look closer than ever to signing IMF programmes. But there are risks to the positive credit narratives driving the performance of both sovereigns, analysts warned.

Sameer Rehman, director of debt and capital markets at TD Securities in London, is heading back to Toronto after 12 years in the UK to focus on Canadian public sector borrowers.

Blank cheque firm Magnum Opus Acquisition has set in motion a $200m New York Stock Exchange IPO, filing paperwork with the US regulator on Monday.

Argentina’s northernmost province, Jujuy, said on Monday evening that it had reached an agreement with more than half the holders of its $210m green bond regarding a restructuring proposal that would grant it significant short-term debt relief.

South America’s largest beef exporter, Minerva, will look to price a new 10 year non-call five bond on Wednesday as part of a liability management exercise that will be debt-neutral or debt-negative.

Tuya, an internet-of-things cloud platform provider, is eyeing around $100m from an IPO of American depositary shares (ADS).

Brazilian mining giant Vale said on Friday that it plans to prepay its €750m January 2023s as record iron ore prices allowed it to build cash levels greater than its gross debt.