Americas

Colombia tapped international bond markets for the first time since June this week. But it is the country's domestic bond market — which is 25% owned by foreign investors — that could be in for a particularly notable year, with the sovereign set to turn to pesos for its debut green bond in July. It is also laying the ground for a social bond and a government bond ETF.

The dollar corporate bond market has a more subdued feel this week, after its stellar start to the year, as US issuers are moving into earnings blackouts. But even as politics took centre stage as Congress moved to impeach President Donald Trump for the second time, ahead of Joe Biden’s inauguration on January 20, corporate borrowers quietly churned out deals.

Electric vehicle manufacturer Nio raised $1.3bn from a dual-tranche convertible bond this week, while trimming its existing debt with a concurrent buyback.

Just over a week after it reopened EM bond markets with a dollar deal, Mexico is turning to euros for a dual tranche new issue as part of a liability management exercise.

The Dominican Republic raised $2.5bn across two tranches amid an improving tone in EM bond markets on Wednesday, providing an encouraging sign to the several Latin American credits expected to price before the week is over.

A number of top staff at Natixis's corporate and investment banking division have started new jobs, the latest moves in a bout of seat hopping at the top table in this part of the bank.

A trio of SSA issuers pulled off another string of successful deals in the dollar market on Wednesday, with issuers able to push the envelope on pricing more than is usually possible in January.

Two of Latin America’s most established borrowers, the Colombian sovereign and Brazilian bank Itaú, returned to international bond markets on Tuesday. Though both issues were priced roughly as expected, bankers on and away from the trades said there were signs that Lat Am’s roaring start to 2021 was losing steam.

Holders of bonds issued by Argentine state oil and gas company YPF are seeking to form a creditor committee to block a proposed distressed debt exchange that analysts say is unlikely to gain much traction with creditors.

Mexican firm Nueva Elektra del Milenio sold $500m of seven-year senior secured bonds on Tuesday, benefiting from a structure that granted it an investment grade rating.

Chinese video sharing and gaming platform Bilibili is on track to launch its Hong Kong secondary listing within a month. It is aiming to raise around $2.5bn, according to a source close to the deal.

The Association of Brazil’s Indigenous Peoples has written an open letter to BlackRock’s CEO Larry Fink, who is expected to publish his annual letter to stakeholders this week. Apib wants BlackRock to end what it calls its “complicity” in the destruction of the Amazon rainforest, and to consult indigenous people as it finalises its new policy on biodiversity and deforestation.