Americas

Peruvian government-owned oil company Petroperu clinched most of the remaining financing of the long-awaited modernisation of its Talara refinery on Thursday, opting to reopen bonds first issued three years ago at a high dollar price rather than place a new benchmark.

Brazilian auto parts supplier Tupy and Peruvian mining company Volcán became the latest in a string of Latin American high yield companies to take advantage of extremely welcoming bond markets to improve their maturity profiles.

Bonds issued by Argentine oil and gas company YPF were up and down this week before ending largely flat as the company failed to find a consensus among investors regarding its proposed exchange offer. A March 23 maturity payment looms large.

Apple printed the biggest US corporate bond so far this year, as companies roared out of earnings blackouts this week to lock in cheap financing.

The Province of Alberta made a rare appearance in the Kangaroo market on Wednesday, printing A$100m with a February 2046 bond. Daiwa Capital Markets ran the books.

Goldman Sachs is trying to steal a march on rivals as it looks to turbo-charge its European business by leading the listings of the region’s most vibrant start-ups, writes David Rothnie.

Morgan Stanley swung by the euro market this week to raise €1.75bn of new senior debt. The move was unexpected given that pricing for international issuers remains more favourable in dollars.

Cloopen Group Holding, a cloud-based communications provider, launched its New York Stock Exchange IPO on Wednesday night.

DCM bankers said that more Lat Am borrowers who postponed bond issues last year could be tempted into a welcoming market after customer relationship management (CRM) company Atento picked a strong day to refinance a 2022 maturity.

A highly diversified order book allowed the Central American Bank for Economic Integration (Cabei) to tighten pricing on its first ever benchmark social bond on Wednesday, with the multilateral lender raising $500m of five-year money.

Fonplata, the South American supranational development bank, raised Sfr200m ($222m) of 5.5-year bonds in the Swiss franc market on Wednesday, increasing the size of the deal from an initially planned Sfr150m.

After receiving a strong response to a cash tender offer for its only previous international bond, Brazilian waterway logistics services provider Hidrovias do Brasil notched an eight times subscribed order book on its way to a $500m 10-year non-call five deal on Wednesday.