Americas

The Reverse Yankee market could be set for another strong year in 2020, with Wells Fargo adding last week to an already encouraging running supply total in the format.

The Inter-American Development Bank has sold its first Indonesian rupiah sustainable development bond, making it the seventh currency in which it has raised this kind of funding.

Mexican conglomerate Fomento Económico Mexicano (Femsa) on Friday tapped its 2050s, first issued nearly a month ago, to demonstrate how a softening of global risk appetite since then, combined with a strong technical picture in EM, is making markets attractive to both buyers and issuers.

TransJamaican Highway Limited (TJH), a toll road concessionaire that connects Kingston, Jamaica to its western suburbs, sold $225m of project bonds on Friday ahead of a proposed initial public offering by the government of up to 80% of the company.

Natixis, one of the investment banks that has gone furthest to prioritise greener financing, had to ramp up its provisions for credit loss from US natural gas producers in the fourth quarter, pointing to “structural transformation” in the sector. But it told GlobalCapital that it still saw opportunity in the industry.

Blank cheque firm Citic Capital Acquisition Corp has kicked off bookbuilding for a $200m IPO. The special purpose acquisition company (Spac) is targeting green investments.

Mexican leasing company Operadora de Servicios Mega (Grupo Mega) became the latest Latin American high yield company to gain impressive pricing traction on Thursday, as it offered strong evidence that the region’s bond buyers are nonplussed by the coronavirus epidemic.

Axel Kicillof, the governor of the Province of Buenos Aires, who has an antagonistic relationship with bond investors, was forced into a volte-face on forgoing a debt payment, as Argentina’s new government seeks to maintain a good rapport with markets ahead of restructuring negotiations.

The dollar corporate bond market has endured another quiet week as blue chip borrowers looked overseas and bankers bemoaned a lack of M&A activity.

Rating: Aa2/AA-/AA-

Five SSA issuers brought dollar deals to market this week, hitting screens in a variety of formats and tenors. With investors undeterred by volatile government bond yields, issuers made the most of excellent conditions to pull off impressive deals.

Demand for Quebec’s latest green bond was high with investors pouring into the C$500m ($376.2m) no-grow deal, leading to the books closing after only 20 minutes.