Americas

Real money investors have historically avoided the reputational risk involved in participating in sovereign debt restructurings. But a truly socially responsible investor should embrace these situations — for the sake of both their clients and troubled emerging nations.

Bankers in advisory, as well as the management at banks, are likely to receive lower bonuses this year, according to Johnson Associates, a compensation consultant for the financial sector. However, traders and bankers working in underwriting are in line to enjoy a boost.

HSBC Holdings has launched a tender offer for nine short-dated senior securities in dollars as it looks to optimise its liability structure for the total loss-absorbing capacity (TLAC) requirements. The announcement followed a dual-tranche senior deal in the same currency.

European banks will be subject to some of the Federal Reserve’s highest capital targets, after the US regulator switched to using stress test results as the main input for its requirements.

The convertible bond market has played a vital role during the Covid-19 global pandemic in funding corporates that were in urgent need of liquidity as the crisis took hold. Deals have performed for investors too, although they should be concerned about the potential for rising defaults.

Barclays is building up sustainability coverage in its investment bank with new positions announced globally on Monday and effective immediately.

US-listed OneConnect Financial Technology Co, a Chinese company whose stock price has doubled this year, is tapping equity investors for new funds.

Ke Holdings, which operates Chinese real estate platform Beike, is set to close the orderbook for its $2bn US listing a day earlier than planned, according to a source close to the deal.

Electricity giant AES Corporation raised $1.38bn of bonds for its Panamanian subsidiary on Tuesday, attracting a bumper book into a note that could offer liquidity rarely found in corporate paper from the country.

Latin American development bank Corporación Andina de Fomento (CAF) raised Sfr350m ($382m) of five year paper on Monday with its first green bond issue in the Swiss franc market.

FIG deal arrangers say the euro market could reopen for business as early as next week, with more investors set to return from their holidays.

Argentine oil and gas company Compañía General de Combustibles (CGC) is looking to tackle a looming bond maturity with an exchange offer, following the example of YPF and Telecom Argentina.