Americas

Flutter Entertainment, the parent of bookies Paddy Power and Betfair, has returned to the equity capital markets with a £1.1bn share sale to finance its acquisition of a stake in FanDuel Group, the New York-based fantasy sports and online casino company.

Dada Nexus, which operates on-demand retail and delivery platforms in China, raised $450m this week after selling a chunk of new equity.

Latin America primary enjoyed a rare bustling start to December this week with three deals catching the eye for different reasons, despite several market participants saying they were ready for a calmer end to the year.

Argentina’s second largest provincial issuer, Córdoba, improved its consent solicitation to bondholders on Thursday, increasing proposed coupon payments. The offer comes as Argentine provincial debt talks gain momentum, but Córdoba is still some way off its bondholder group’s latest proposal — though the creditor committee has not yet reacted to the improved offer.

The dollar bond market is wide open for companies to take advantage of strong demand and a rally in spreads, boosting hopes for a busy end to a record year for investment grade issuance.

The Commonwealth of the Bahamas raised $225m of 12 year money on Wednesday, taking advantage of a strong rally in its most recently issued bonds to tap markets 125bp inside where it did less than two months ago.

After monitoring bond markets for several weeks, Brazil took the plunge on a slightly softer day on Wednesday to raise $2.5bn via the reopening of three different notes.

Baker Bros Advisors, a shareholder in Chinese biopharmaceutical company BeiGene, has raised $340.1m from a sell-down of the firm’s American depositary shares.

The Argentine Province of Río Negro on Tuesday launched a consent solicitation that has already earned the support of more than half of bondholders after it improved an initial restructuring offer. But analysts warned that Argentina’s deteriorating economy was forcing provinces to be less aggressive in renegotiating their obligations.

The Dominican Republic is planning to take advantage of strong market conditions and tap its 2032 bonds to finance a buyback of four different dollar notes maturing between 2021 and 2025.

Brazilian steel producer Gerdau will repurchase $300m of dollar bonds with cash as its profits rise thanks to strong demand for steel.

A rotation into some cyclical stocks has lifted equity markets of late. But investor returns overall are still heavily reliant on a small basket of tech stocks with sky high valuations and any retreat from these names in a hurry could prompt a stock market rout.