Americas

Wanda Sports Group has cut 38% off the size of its live US IPO, having reduced the stock on offer and trimmed price guidance as it confronts investors nervous over their unfamiliarity with the company.

Mexico showed that even trickier credit stories could take advantage of the borrower-friendly rates environment, surprising many with a $3bn liability management exercise just two weeks after finance minister Carlos Urzúa resigned.

Investors jumped at the chance to buy Canadian Imperial Bank of Commerce’s Australian dollar covered bond on Wednesday.

Colombian airline Avianca will use a par exchange to attempt to tackle a $550m May 2020 bond maturity, offering noteholders collateral and potential for a coupon increase — if the company is able to renegotiate certain loans.

Central American sovereign El Salvador will begin meeting bond investors on Wednesday as it looks to issue its first international bond under president Nayib Bukele.

In this round-up, the Shanghai Star market officially opened on Monday morning, the People’s Bank of China, the China Securities Regulatory Commission and the China Banking and Insurance Regulatory Commission formally announced 11 market reform measures, and the Mainland made the largest sorghum purchase from the US since last April.

Brazilian airline Gol reopened its convertible bonds for a further $80m last week, taking advantage of a strong performance of its existing bonds and stock to achieve pricing that the CFO described as “fantastic” and leave the company in a position to continue its liability management.

In this round-up, China lowered its holdings of US Treasuries yet again in May, new issuance of local government bonds has skyrocketed and regulators are wooing state-owned enterprises (SOEs) to list on the new Shanghai Star market.

In this round-up, China and the US talked on Thursday after unhelpful comments from US president Donald Trump, China’s state council released policies on using social credits to regulate the market and the National Development and Reform Commission (NDRC) published guidelines to help financial institutions exit from the market.

Latin American borrowers continue to make up for lost time amid encouraging issuance conditions as debt capital markets bankers say a few more could sneak through to primary markets before the August break.

Debt capital markets bankers say more Mexican companies could rush to bond markets, as strong conditions for issuance outweigh the increasing concerns surrounding the direction of the country's economy.

The US high grade corporate bond new issue market went dark for two days this week, as corporate America skulked in earnings blackouts. Next week could be big, but it is likely to be a long, dry summer.