Americas

Latin American new issue volumes are rapidly catching up with last year’s totals and bond bankers expect some activity to continue during the usually quiet August period as borrower-friendly conditions endure.

Mexico responded to the lower rates environment on Tuesday with an opportunistic $3.56bn liability management exercise, shrugging off any credit worries to issue at a very slim concession.

HSBC’s new global banking boss has quietly redesigned the division and fleshed out a cohesive corporate finance strategy that plays to its strengths, writes David Rothnie.

US Democrat senator, and presidential hopeful, Elizabeth Warren wants to upend private equity. She has proposed a bill which would stop PE money flowing to some sectors altogether and would send deal numbers and valuations plunging. But it could also lower borrowing costs, reports Karoliina Liimatainen.

JP Morgan became the first US bank to issue a preferred bond linked at the back-end to the secured overnight financing rate (Sofr), amid a torrent of bank supply in dollars this week.

As the market prepares for Libors to end their run as the world’s most prevalent reference rates, there is growing support for the benchmarks to be reprieved.

Santander Corporate & Investment Banking (SCIB), Banco Santander’s investment banking unit, has appointed Marcel Patiño from Itaú BBA as its new head of Santander SCIB Colombia.

Canadian Imperial Bank of Commerce reopened the Australian dollar covered bond market on Thursday with one of the largest deals from an overseas issuer at a cost that matched that of its dollar funding.

Bank of Montreal offered dollar investors a very rare chance to buy Canadian additional tier one paper this week, having spied an opening for a tightly priced deal.

The World Bank is targeting $50bn-$60bn of funding for its 2019/20 funding year, which began on July 1, and will keep busy during the summer.

Peruvian holding company Intercorp Peru issued more debt than initially intended on Wednesday after notching a heavily oversubscribed order book in its first international trade since 2015.

Brazilian conglomerate Cosan returned to bond markets on Wednesday with a $750m 10 year non-call five year trade that bankers on the deal said landed close to fair value.