Americas

Takeda Pharmaceutical was the standout issuer as US high grade corporate bond issuance ground to a halt this week, ahead of the July 4 holiday.

Exchangeable bonds are emerging as a key coronavirus tool for corporates — one they can use to monetise stakes in companies they own without having to concede large discounts by selling shares.

Suriname appeared to take a market-friendly approach to arranging debt relief on Wednesday as bondholders agreed to delay the amortisation schedule on its 2023s. But a full restructuring is still on the cards as the outgoing government appeared to wash its hands of responsibility for what is likely to be dire forthcoming economic data.

EM bond investors were treated to a second issue from a Cosan subsidiary in two days on Wednesday as Raizen, the fuel distributor and sugar and ethanol producer, reopened its 5.3% January 2027s.

US companies sold $19bn of new convertible bonds in June as the rush to tap the market for financing during the Covid-19 global pandemic continued, with little sign of slowing down.

Brazilian railroad operator Rumo tightened pricing sharply on the first green bond from Latin America in the coronavirus era on Tuesday, as bankers said that the environmental label gave investors more options over where to place the bond.

Banco Internacional del Perú (Interbank) sold a $300m subordinated bond on Tuesday on the back of a 2.5 times subscribed order book, just two business days after its largest domestic rival sold $850m in the same format.

Sir Ronald Cohen, one of the UK’s foremost private equity entrepreneurs, believes the Covid-19 crisis is an opportunity to transform western capitalism into a socially responsible enterprise that values a company’s impact on society as much as its profits. Cohen talks to GlobalCapital about the tremendous challenges facing the global economy, and how it can be transformed for the better.

Equity issuance has surged during the Covid-19 pandemic in both Europe and the US, and one of the sectors that has printed the most stock in the first half of the year is the biopharmaceuticals industry. In the rush for healthcare innovation, banks say they are busy lining up more deals for the second half.

Brazilian railroad operator Rumo, which Fitch believes should only suffer a “limited” impact from coronavirus, is preparing what would be the first green bond from Latin America since the pandemic hit.

Mexican real estate investment trust (Reit) Fibra Uno will monitor markets as it continues to look for liability management opportunities after pulling a proposed Reg S-only trade last week, the company’s capital markets vice-president has told GlobalCapital.

DirectBooks, which plans to bring a new issuance platform for bond markets, has not ruled out the possibility of a partnership with other providers.