Americas

International investors this week enthusiastically bought a $500m ‘sustainable transition bond’ issued by Marfrig, the second biggest Brazilian beef producer. The deal highlighted its efforts to make its supply chain more sustainable. But Greenpeace, the environmental NGO, argues it is impossible to be sure the supply chain does not include harmful practices.

New Frontier Corp, a Hong Kong-based special purpose acquisition company (Spac), is planning to raise $300m-equivalent to support its $1.44bn purchase of China’s United Family Healthcare.

In this round-up, US president Donald Trump unexpectedly announced an increase in tariffs on China, the People’s Bank of China (PBoC) bumped up the re-lending quota for smaller banks and Mainland regulators said they are not planning to use the property market as a short-term stimulus.

Investors happily agreed to buy new senior secured debt from a Petrobras service provider at a healthy pick-up to the oil giant’s curve on Thursday, but a cancelled deal from Argentina suggested idyllic conditions for Lat Am issuers were slightly fading.

The latest idea captivating sustainable finance enthusiasts is transition bonds.

Central American sovereign El Salvador saw its first long bond in eight years tighten in secondary as investors gave new president Nayib Bukele a warm welcome this week.

Marfrig Global Foods, the Brazilian beef producer, has stirred up the green finance market by issuing a $500m ‘sustainable transition bond’. To some, it is a template for a new asset class that can help finance the global economy’s shift to lower carbon emissions. To others, it is a shocking case of greenwashing. By Oliver West and Jon Hay.

Southern California Edison has priced a $1.2bn dual tranche corporate bond offering after its credit ratings were placed on a firmer footing in the wake of a wildfire risk mitigation law.

Bank of America proved on Thursday that there is still plenty of room for euro issuance, even as the market scrambled to work out the impact of the US Federal Reserve's first rate cut in a decade. The US issuer sold a €1bn senior unsecured bond after attracting orders two and half times that size.

Banks are racing to expand their sponsors coverage teams as they fight to remain relevant to private capital providers at a time of disintermediation in investment banking. By David Rothnie.

Brazilian conglomerate Cosan will repurchase around 60% of its 2024s after wrapping up the early-bird stage of a tender offer.

North Carolina-based health technology company Iqvia managed to shave off a chunk of its interest expenses on Wednesday by refinancing its $800m bond in the euro market. Investors grabbed the opportunity to invest in a high-growth listed company, which are still rarities in Europe, a banker involved in the deal said.