Americas

Argentine government-owned oil and gas company YPF again sweetened the terms of an exchange for its 2021 bonds on Monday, increasing the cash portion of the swap in an effort to persuade creditors to switch into longer dated notes and thus avoid the risk of default.

Peruvian mining company Volcán is set to recover some lustre after a tricky 2020, proposing a liability management transaction and equity raise that should lower leverage and bring improvements to its rating.

Brazilian auto parts supplier Tupy began investor calls on Monday morning ahead of a proposed senior unsecured bond that it wants to use to finance a tender offer for existing bonds.

Singapore’s ride hailing start-up Grab Holding has further increased the size of its term loan B to $2bn following solid traction in the US market.

The Central American Bank for Economic Integration (Cabei) is holding investor calls until Tuesday as it looks to sell a debut social bond in dollars.

The Argentine province of Salta will in the coming days launch a restructuring offer that already has the buy-in of 40% of its creditors. Yet Buenos Aires, the country’s largest sub-sovereign issuer, is testing bondholders' patience after nine months in default.

Car rental company Movida became the third Brazilian company this year to sell a sustainability-linked bond when it raised $500m of 10-year debt with a coupon step-up linked to carbon emissions on Thursday.

Argentine oil and gas company YPF triggered a rally in its bonds this week by improving the terms of a proposed debt exchange that bondholders had initially rejected. Yet if the amendment was a sign of pragmatism from the government owned issuer, investors hardly saw it a reason for cheer, and yet another government related default is still on the cards.

Latin American development bank Corporación Andina de Fomento (CAF) offered the ideal combination of a safe haven on a volatile day and a positive yield in a low rates environment to notch its largest ever euro benchmark on Thursday.

7-Eleven capitalised on huge investor demand to issue its first dollar bond this week, printing the largest US corporate deal of the year so far.

Sustainable bond issuance has made its strongest start to the year ever, thrusting the market towards what most observers believe will be a year when many records will be broken — especially in north and south America, where environmental and social consciousness is rising. Jon Hay, Mike Turner and Oliver West report.

HSBC appoints two within AIBC — Credit Suisse Asset Management hires head of origination in direct lending — Richard Luddington joins Rothschild