Americas

Telecom Argentina is adding a sale of new bonds to an exchange offer in what would be the first Argentine new issue in international bond markets in over a year.

Bank of America was quick to return to the market after reporting its second quarter earnings, using a favourable backdrop on Monday to price a new dual-tranche offering in dollars.

Martín Guzmán, Argentina’s finance minister, was not to be budged from his position on the country’s debt restructuring offer on Monday evening even as three groups of creditors signed a cooperation agreement to jointly express their rejection of the government’s latest offer.

Just weeks after rating agencies stripped the issuer of its investment grade rating, Brazilian petrochemicals giant Braskem sold $600m of hybrid bonds that bankers said showed the company’s commitment to its credit metrics.

Monday’s official launch of Ecuador’s debt restructuring offer split the bond markets, with large creditors claiming that the sovereign had set an example to be followed while others dismissed its approach as “aggressive” and that it set a “harmful precedent”.

Freeline Theraputics, the UK gene therapeutics company, has filed to list in the US on the Nasdaq exchange, continuing the trend of biotech companies seeking to raise capital in the equity capital markets.

CPPIB Capital mandated banks on Friday for its third dollar benchmark this year as it looks to jump on the back of a strong reception for Canadian and Japanese borrowers in the currency this week.

HICL Infrastructure, the UK-based infrastructure equity investor, has launched a capital raise to repay £75m worth of debt in order to shore up its finances for further acquisitions.

In this round-up, the UK bars Huawei Technologies from its 5G mobile network, the Chinese foreign ministry retaliates against recent US sanctions, and Donald Trump signs an executive order that ends Hong Kong’s preferential trade treatment.

Just two benchmark issuers — Mars and Hewlett-Packard Enterprises — came to the US corporate bond market this week, as earnings season pushed corporate America into blackout. But after a short lull, bankers expect a spike in issuance as companies try to fund before the US election.

A trio of SSA borrowers hit the market for dollar paper this week, testing the waters across the curve and finding investors receptive. Although the top tier names are mostly well funded, demand is still hot for the extra yield offered by the second layer of SSA borrowers.

Mexican real estate investment trust Fibra Uno returned to the bond markets on Wednesday to price a postponed tap of its 2030 and 2050 notes.