Americas

Chinese discount retailer Miniso Group Holding raised $608m from a successful US listing on Thursday, after pricing the deal above the marketed range.

Despite a year of turmoil, many bankers have a spring in their step, writes David Rothnie. They are rushing to get involved in the boom in special purpose acquisition companies (Spacs).

The former head of global debt capital markets origination at Deutsche Bank has linked up with 40 of his former colleagues to form a capital markets advisory firm very much in the spirit of the times — as a network that operates online — as the coronavirus pandemic forces a rethink of traditional investment banking models.

A weighty corporate hedging transaction has added to the momentum of the US rates market’s transition from Libor. JP Morgan executed a $500m swap referencing Sofr with a blue chip corporate, Unilever.

Brazilian state-owned oil company Petrobras returned to bond markets on Tuesday as part of a debt reducing liability management exercise as the issuer continues to lower its bond outstandings.

Colombian natural gas distributor Promigas could return to bond markets a year after its debut as it mandated banks for a reopening of its 2029s.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, October 12. The source for secondary trading levels is ICE Data Services

US senator Marco Rubio wants his government to find a way to delay the listing of Ant Group, even though it is happening outside of the US. The move would undoubtedly be bad news for US banks but it also appears to offer little upside to politicians.

The Argentine City of Córdoba on Monday said it was still negotiating with a creditor group holding “a significant amount” of its $150m international bond, but that it had not been able to reach an agreement before non-disclosure agreements expired.

Canpack, a Poland-based packaging company, is making its debut in the euro and dollar high yield market this week, as it seeks to shake off the constraints of its private placement-based capital structure and prepare for expansion in the US.

Banco Hipotecario, the Argentine bank focussed on mortgage and consumer loans, will swap nearly 47% of its dollar bonds maturing on November 30 for new 2025s and cash. Fitch says it understands the central bank — which in September announced restrictions on hard currency debt refinancing — has approved the deal and that Hipotecario will be able to access a sufficient amount of dollars to carry out the swap.

This week in Keeping Tabs: ETFs during the market meltdown and the economics of vending machines.