Americas

Chilean power company Empresa Eléctrica Cochrane will meet bond investors this week as it looks to make a second attempt at becoming an international bond issuer.

Millicom’s Panamanian subsidiary Cable Onda had a smooth run on its first international bond outing after opting for a rare tactic in Latin America bond markets — a Friday pricing..

In this round-up, the big five Chinese banks have boosted lending to small and micro enterprises by 30% this year, the Chinese Ministry of Finance is planning to issue a euro bond and China’s ranking in ease of doing business jumped to 31 from 46.

In this round-up, China and the US are hammering out a draft of a mini trade deal, the regulators have switched around leaders at state-owned bad debt managers and the new foreign investment law has received praise from foreign investors.

Bankers and market analysts said there was no sign bond markets were seriously concerned about continued social unrest in Chile, as pulp and wood panel producer Celulosa Arauco y Constitución eased its way to a $1bn dual tranche new issue this week.

Barbados prime minister Mia Mottley said she hoped more nations vulnerable to climate change would take steps to make their debt more resilient, after the Caribbean nation included a “natural disaster” clause in a restructuring agreement with international bondholders.

Cable Onda, the Panamanian subsidiary of pan-emerging markets telecoms group Millicom, is aiming to price a debut international bond on Friday, after releasing price talk late the day before.

Braskem, the Brazilian petrochemicals firm, is visiting fixed-income investors in the US and Europe as it looks to take advantage of low rates to refinance existing debt.

Guarantor: CPP Investment Board

Wells Fargo made a stylish return to the dollar market on Thursday following its earnings blackout, by printing a $6.5bn callable trade.

Dollar supply is set to begin its year-end dash in the coming days after earnings season peaked.

CPPIB Capital raised $1bn with a 10 year bond this week but despite the deal securing the issuer’s lowest ever funding cost at that tenor, bankers were unimpressed by the level of demand, adding to claims that demand for 10 year paper is waning.