Americas

Uruguay-based shipping and logistics firm Navios South American Logistics was the only Latin American borrower on a roadshow this week but debt capital markets bankers hope that a benevolent rates environment may cajole nervous issuers into primary markets.

Cabei (Central American Bank for Economic Integration) has issued a request for proposal (RFP) for a potential first dollar benchmark since 2012, Latin American bond market participants told GlobalCapital.

The list of companies that have declared their support for the Task Force on Climate-Related Financial Disclosures has grown to 671, with a combined market capitalisation of $9.3tr. This is up from 457 worth $7.9tr in September. The TCFD Secretariat issued its second status report on adoption of the recommendations this week.

The chief financial officer of Avianca Holdings told GlobalCapital that he is in near daily discussions with export credit agencies (ECAs) to resolve two separate issues and thus allow the Colombian airline to return to bond markets to refinance a $550m bond maturing in May 2020.

Dollar corporate bond issuers enjoyed bulging order books and tight spreads this week, as the high grade market shrugged off fears over the economy following soothing words from the chairman of the US Federal Reserve.

The US holding company of Spain’s Santander made its first trip to the dollar bond market in almost six months, as issuers made the most of improving conditions.

Corporate debt levels have increased to a point where a sudden shift in financial conditions could trigger disruptive capital outflows from emerging markets, the head of the International Monetary Fund has warned finance ministers of the G20 group ahead of their summit beginning on Saturday. Christine Lagarde also said that the G20 should streamline the topics it concerned itself with.

Guarantor: Caisse de dépôt et placement du Québec

Securitization investors and traders have told GlobalCapital that CLO anchor investor Norinchukin Bank has taken a step back from both the US and European markets. As Tom Brown writes, some have suggested that the bank’s domestic regulator has voiced concerns about its surging holdings of senior CLO debt.

Chinese online tutoring company GSX Techedu has raised $207.9m after pricing its US listing at the mid-point of guidance, according to a source familiar with the matter.

Moody’s and Fitch took negative rating actions on Mexico within three minutes of each other late on Wednesday afternoon as concerns over state oil firm Pemex filtered into assessments of the sovereign’s creditworthiness.

The American lender issued a dual tranche transaction on Wednesday, its first ever euro-denominated bond. It is the first American regional bank to go to market since May 2017. Meanwhile, Aegon Bank is looking to issue its first senior non-preferred bond in the currency.