Americas

Bond market participants had been mostly confident that Ecuador’s government could see out mass public protest and stick to IMF-supported measures designed to shore up public finances — until last Friday, at least. But bondholders could be in for a tough time after the government backtracked on these measures.

BAC International Bank has returned to the loan market, seeking $100m from a global syndicate.

Colombian airline Avianca has pushed out the deadline on its bond exchange by two weeks as continues negotiations with its broader creditor base on a restructuring of its debt.

In this round-up, China and the United States emerged out of a two-day trade talk with a “phase one” deal, China’s securities regulator set dates for further opening up of onshore financial markets and the Monetary Authority of Macau plans to launch a Nasdaq-like stock exchange for the offshore renminbi market.

The six biggest US investment banks alongside three European firms have created DirectBooks to assist primary market bond sales. It aims to start in the US investment grade corporate market before branching out to other fixed income products.

In this round-up, Mainland Chinese partners cut ties with the National Basketball Association (NBA) after disagreements surrounding the Hong Kong protests, China’s foreign currency reserves fell in September and UBS has received the green light to trade global depositary receipts through the Shanghai-London Stock Connect.

In this round-up, vice premier Liu He started a two-day negotiation in Washington DC, the Chinese Ministry of Finance transferred 10% of its stake in Bank of Communications into a state-run fund and the National People’s Congress released draft rules to regulate state employees’ public discourse.

Latin American debt capital markets bankers say that the continued absence of Mexican retail and beverages conglomerate Femsa in primary markets could indicate lower risk appetite among investors as the year comes to a close.

One of the strongest credits in Argentina will seek to entice bondholders to push out maturities by turning a portion of its existing bond into cash and increasing the coupon on the remaining amount.

Colombian natural gas distribution company Promigas and Rutas 2 and 7, a securitization to finance a road in Paraguay, brought life to an otherwise subdued week in Latin American primary markets on Tuesday.

Dollar market stalwart PepsiCo took centre stage in an otherwise subdued week for new US bond issuance, as it pleased investors with its green debut.

Yankee banks took advantage of a strong market backdrop this week ahead of US third quarter earnings season, with Canadian banks leading the charge.