Americas

Delta, the US airline, announced last week that it had struck a deal with LATAM, the largest airline in Latin America, in a deal which it expects to finance in the bond market.

Mexican payroll lender Crédito Real brought Latin American high yield corporate issuance back to the European bond markets for the first time in five years last week, in a deal that fed euro buyers’ hunger for new names.

The risks associated with issuing at negative yields will drive non-European issuers away from the euro covered bond market, according to a report from NordLB.

Chinese health and wellness solutions provider Ecmoho is planning to float on the Nasdaq and is targeting proceeds of up to $150m.

In this round-up, the US and China set a date for the next round of negotiation in Washington DC, MUFG and Mizuho receive approval to underwrite onshore Chinese bonds and China’s industrial profits growth edges down in August.

Charles Scharf will take over as chief executive and president of Wells Fargo next month, ending a six month period when an interim boss was in charge. Scharf comes from Bank of New York Mellon.

In this round-up, China and the US upped the ante on the rhetorical trade war, the Ministry of Finance transferred its shares in two state-owned banks to a national social security fund and the Hangzhou city government is sending 100 of its staff to private companies.

Lat Am syndicate bankers were in bullish mood after Brazilian petrochemicals company Unigel clinched a seven year bond to complete a diverse few days of issuance from the region.

Interbank showed off the prowess of Peruvian issuers in international bond markets on Thursday as it topped up a dollar deal from the previous day with a nuevo sol tranche.

Ecuador sold $2bn of bonds on Tuesday in a surprisingly timed deal that triggered a sell-off in its existing bonds as analysts said the deal suggested the country’s fiscal adjustment was slower than expected.

Kristalina Georgieva, who is the new managing director of the International Monetary Fund from Tuesday, plans to expand the use of precautionary instruments, such as credit lines, to more countries.

Uruguay made the most of the low rate environment on Thursday to tap two bonds for a total of $1.055bn. It was part of a liability management exercise that the finance ministry said produced a nominal financial benefit of $87m.