Americas

Several corporate issuers in Latin America could be on the cusp of losing their investment grade status, warned Fitch Ratings on Wednesday, with commodities-related businesses at particular risk.

Slawomir Krupa will replace Séverin Cabannes to lead Société Générale’s global banking and investor solutions (GBIS) activities from next year. The division reported a net loss of €604m in the first half of the year.

Telecom Argentina said on Tuesday that it would issue nearly $389m of amortising bonds maturing in 2025 as a result of a successful debt exchange and raising $135m in new money.

Government owned lender Banco Nacional de Panamá (Banconal) sold its first ever international bond on Tuesday, notching a bumper order book and at tightening — as several recent Latin American deals have done — by 50bp.

As Argentina’s largest bondholders confirmed that they would support the government’s amended restructuring offer, the sovereign gave investors until August 24 to participate in the deal, with analysts expecting a high take-up.

JP Morgan has reorganised its team dedicated to advising clients on how to defend against campaigns by activist investors.

Argentina announced an agreement with bondholders on Tuesday to restructure $65bn of debt. The country's dollar bonds had rallied late on Monday as rumours circulated that a deal was close following months of negotiations with either side repeatedly rejecting the other's proposals.

More than 95% of the holders of each of Ecuador’s 10 international bonds participated by Monday’s deadline in a consent solicitation that allows the sovereign to restructure $17.4bn of debt.

Electricity giant AES Corporation is preparing a bond issue that will consolidate the debt of its Panamanian operating subsidiaries into one special purpose vehicle (SPV).

Freeline Therapeutics, the UK gene therapeutics company, has set a pricing range for its Nasdaq listing, becoming the latest company from the red hot biotech sector to raise equity capital.

HSBC revealed a big increase in credit loss provisions in its second quarter results on Monday, as it vowed to step up the pace of its strategy shift. In the investment bank, it was a strong outing for fixed income and currencies trading, but a disappointing quarter for equities.

Credit Suisse has given staff including Jeff Cohen new positions and is also creating a new energy and infrastructure group.