Americas

State-owned lender Banco del Estado de Chile (Banco Estado) kicked off what could be a busy January for Chilean issuance with a $750m five year senior unsecured deal on Monday.

Chile’s head of international finance has told GlobalCapital that the debt management office is making communication with investors its number one priority as it announced borrowing plans — including an atypically large amount of international issuance — earlier than usual after a turbulent fourth quarter.

I-Mab, a China-based biopharmaceutical company, has kicked off the roadshow for its up to $111.1m Nasdaq IPO, more than two months after filing draft documents with the US regulator.

Global syndicated lending fell back in 2019 to a level similar to that in 2013-2016, in dollar terms, after two years of higher borrowing including a near-record total in 2018. The volume was the sixth highest ever, and higher than that in any year before 2006.

Equity capital markets bankers' bullish mood was dented on Friday by falling markets as investors reacted to escalating tension in the Middle East after the US assassination of Iranian general Qasem Soleimani. Banks are hoping this change in sentiment does not damage deal making next week.

US equity-linked bankers will be toasting another spectacular year, the strongest for new convertible issuance since 2008, as surging stocks fuelled an issuance boom.

Banco Pichincha has become Ecuador’s first green bond issuer, after selling $150m of notes that were bought by three international development lenders.

Brazilian meatpacker Marfrig said last week that it would redeem $446m of bonds issued three years ago, to improve its debt profile.

Canadian financial institutions could be heavy users of the dollar bond market in 2020, though supply from high-grade bank and finance borrowers is otherwise expected to fall again, as firms enjoy comfortable capital and debt buffers.

In this round-up, Chinese president Xi Jinping headed to Macau for the 20th anniversary of the handover, the National People’s Congress will hold a fourth reading of the Securities Law next week and the People’s Bank of China (PBoC) has lowered the 14-day reverse repo rate.

JP Morgan Securities (China) has received the securities and futures business permit from the China Securities Regulatory Commission, which will allow it to begin operations in the Mainland.

Suriname’s outstanding 2026s traded up this week, after the government clinched $125m of short-term financing that includes coupon payment support for existing bonds and lays the ground for fiscal savings via an electricity reform.