Americas

CK Hutchison Holdings is paring down its stake in Hutchison China MediTech (Chi-Med) through a placement after the biopharmaceutical company put its planned Hong Kong IPO on the back burner.

Three Latin American issuers took advantage of decreasing rates in dollar markets to raise funding this week, and debt capital markets bankers say primary activity should continue to pick up.

Mexico showed that it still has full access to its regular funding markets this week as Japanese investors gave the sovereign its largest ever order book in the Samurai market, on the way to its largest deal in the currency.

Chile’s decision to issue a second green bond in two weeks with a 12 year euro transaction paid off in the shape of 64 first-time investors, as more Latin American issuers turn to green finance.

The prospect of a blockbuster bond deal from US pharmaceutical group AbbVie was welcomed by dollar bond investors this week, after corporate issuance tumbled to its lowest monthly tally this year.

Chinese online lender Qudian benefitted from active engagement with equity-linked investors to explain its business and growth potential to raise $300m from a popular convertible bond.

A pair of emerging market banks placed MTNs this week. In Australian dollars, Banco del Estado de Chile printed a 10 year note on Tuesday, while on Monday, Qatar National bank placed short end dollar paper.

Italian-owned solar energy company Ergon Peru is looking to raise a 15 year green bond in dollars and has earned top marks from Standard & Poor’s on its green evaluation, the rating agency said.

Chinese retailer Miniso is looking at floating on either the Hong Kong Stock Exchange or in the US, according to a source close to the situation.

New York-listed Qudian is seeking $250m from a convertible bond, with the company entering into capped call transactions with investment banks — an increasingly popular tool being used by issuers recently.

Chile may be an expensive buy for many EM investors, but the country’s status as the top-rated Latin American sovereign is making it attractive for environmental, social and governance-focused investors, said debt capital markets bankers, after the government sold its second green bond in two weeks.

Broader volatility could not interrupt Latin America’s rediscovered bond market momentum, as Mexican real estate investment trust (REIT) Fibra Uno tapped international investors for the first time in three years on Tuesday.