Americas

Investors’ fears over the disruption the US presidential election and rising Covid-19 cases could bring to equity markets became a grim reality this week as volatility buffeted IPOs. With three weeks until the vote, all eyes are on how much damage US president Donald Trump and Joe Biden will do to the primary equity capital markets, writes Sam Kerr.

Chilean energy company Empresa Eléctrica Angamos will repurchase nearly 80% of its bonds due 2029 after achieving strong participation in a tender offer despite the complaints of one bondholder advocacy group.

A top-level reshuffle suggests that Barclays chief executive Jes Staley is not going anywhere, but raises fresh questions about whether the bank’s top-five ambitions are achievable, writes David Rothnie.

Chinese peer-to-peer lender Lufax Holding filed IPO paperwork in the US on Wednesday for what is expected to be a jumbo listing.

The Commonwealth of the Bahamas set initial price thoughts on a new 12 year bond on Wednesday. The deal is set to test demand for riskier emerging market credit. Pricing is expected on Thursday.

Costa Rica’s bonds have fallen this week after the government cancelled a proposed tax hike that it was planning to bring to discussions with the IMF. The bonds could still be vulnerable as analysts say there remain questions over the viability of a programme with the Fund.

Chilean energy company Empresa Eléctrica Angamos will repurchase nearly 80% of its bonds due 2029 after achieving strong participation in a tender offer despite the complaints of one bondholder advocacy group.

The Commonwealth of the Bahamas could tap bond markets later this week to fund budgetary spending, GlobalCapital understands.

Antofagasta plc, the Chilean copper miner that is the longest continuously listed company on the London Stock Exchange, began investor calls on Monday as it turned to bond markets for the first time.

Global equity capital markets bankers anticipate a disorderly US election in November. They fear that a disputed contest between president Donald Trump and former vice-president Joe Biden could lead to sustained market volatility which would severely impact ECM issuance.

Business services company Atento became the fourth Latin American credit in recent weeks to cancel borrowing plans on Friday, blaming “unfavourable” market conditions as it postponed a proposed liability management exercise.

This week in Keeping Tabs: investment strategy in the age of quantitative easing and a possible Joe Biden presidency in the US, while in the UK, financial firms are still adjusting to Brexit.