Americas

The Natural Disaster Fund, backed by the UK government, has a first option to subscribe to a small catastrophe bond to be issued by the Danish Red Cross, which conveys volcano risk.

Argentina’s best borrowers continue to seek to take advantage of a recently opened funding window in international markets, with Telecom Argentina plotting to sell new debt to refinance old bonds.

Debt capital markets bankers covering Mexico do not expect the resignation of finance minister Carlos Urzúa on Tuesday to affect incoming bond issues though they acknowledge that his departure could create uncertainty.

Toronto-Dominion Bank (TD) returned to the covered bond market for the second time this week following its dollar benchmark and, thanks to a late rise in yields, the eight year deal offered more than twice the return of CIBC's eight year issued a week ago.

Last week’s tightly priced bond issue by KfW has inspired a slew of issuers to print three year dollar notes this week, a banker said. The Asian Development Bank was first off the blocks on Tuesday with a new benchmark, and Export Development Canada and Erste Abwicklungsanstalt are set to follow.

Toronto Dominion took advantage of strong demand on Monday to issue a $1.75bn three year covered bond, which was priced almost flat fair value.

Two Mexican companies announced bond roadshows on Monday, in combination with buybacks of 2022 notes, as Latin American borrowers continue to try to use liability management to take advantage of low rates to refinance debt.

Chinese online game streaming platform DouYu has launched a Nasdaq IPO, having delayed its plans in May amid tumultuous markets.

Toronto Dominion opened order books on Monday for the third dollar benchmark covered bond from a Canadian issuer this year and, like the others, it has also chosen to issue a three year.

While US market participants were on holiday last week, Brazil’s lower house passed legislation that is central to bond investors’ optimistic thesis on Latin America’s largest economy.

In this round-up, US and China will resume trade talks next week, JP Morgan and Morgan Stanley near 51% stakes in their Chinese joint ventures (JVs), and China’s foreign minister offered a strong-worded rebuttal to the UK’s stand on Hong Kong protests.

Brazilian state-owned oil company Petrobras is to continue its deleveraging process by using cash to buy back up to $3bn of existing bonds, giving first priority to euro and sterling paper.