Americas

BNP Paribas was guiding investors towards a coupon in the 4.75% area for a new additional tier one (AT1) on Tuesday, as it looked to price its deal at the lowest level ever acheived by a European bank in the dollar market.

US-based Oaktree Capital Management has become the first foreign asset management firm to set up a wholly owned subsidiary in mainland China.

HSBC’s new strategic plan involves numerous changes to its investment banking division, including shifting resources to Asia and the Middle East, reducing the scale of many operations in the European markets business, and combining product functions with commercial banking.

Privately held Argentine power generator Stoneway Capital Corporation has asked bondholders to postpone an amortisation payment on its senior secured bonds as delays from government energy distributor Cammesa begin to bite.

The International Monetary Fund maintained that relations with the Argentine government were “constructive” after a staff mission met economy minister Martín Guzmán on Friday afternoon.

JP Morgan was the only financial institution tapping the euro market for senior paper on Friday, looking to make use of the sentiment rebound after some indigestion on Thursday.

Citic Capital Acquisition Corp has raised $240m from its listing on the New York Stock Exchange. The special purpose acquisition company (Spac) is targeting green and sustainable businesses.

Argentina appeared to adopt a firmer posture on debt restructuring negotiations this week, as it postponed repaying a domestic bond held mostly by foreigners. Economy minister Martín Guzmán told the country's Congress that he would “not let foreign investors set the tone for macroeconomic policy”.

The final Latin American corporate deal before a hiatus for the earnings blackout period showed that borrowers were benefiting from volatility related to Covid-19, the official name of the coronavirus outbreak. However, a prolonged scare could bring negative consequences.

Argentina's plans to restructure $67bn of debt in under two months may look naive to some but the ambition the government has so far demonstrated point towards a good outcome.

The US bond new issue market was in full swing on Thursday as a United Technologies spin-off made its debut and credit shrugged off the coronavirus epidemic.

Nomura has made sustainability one of the pillars of its fightback in investment banking, as it joins the race to harness the power of sustainability-related M&A and capital markets deals.