Americas

DCM bankers said they were sitting on mandates for Latin American bond issuers as another week of volatility in global markets kept the region’s primary markets quiet.

Fidelity National Information Services (FIS), the US financial software company, honoured Europe’s bond markets this week with the lion’s share of the debt financing for its takeover of Worldpay, the payments group that began as part of Royal Bank of Scotland, for an enterprise value of $43bn.

The dollar corporate bond market showed its resilience this week as issuance rebounded, despite the US-China trade turmoil. “Trump, Trump, Trump,” was how one syndicate manager explained the reasons for the return of volatility as high grade credit markets see-sawed with the President’s mood swings.

HSBC led a surge in dollar bond supply as high-grade banks sprang back into issuance mode after a two-week layoff.

Europe's equity capital markets are heading for a crunch. Companies are set to launch a batch of IPOs so they price before investors disappear for the summer. But escalating trade tensions between China and the US threaten to rob them of their chance, writes Sam Kerr.

Chile raised around $1.5bn-equivalent of new peso debt on Wednesday in its fourth Euroclearable local currency deal.

Investors appear to be split over whether or not Turkey will follow through with its proposed purchase of a Russian S-400 missile system, in the face of likely sanctions from the US if it does.

Colombian airline Avianca is taking longer than expected to refinance a $550m senior unsecured bond coming due in less than a year, triggering ratings agency S&P into cutting the borrower's credit rating, driving up the yield on the note.

Equity investors who base their trading on the daily news flow emanating from the US and China, are going to have to accept the possibility that the relationship between the two countries will sour.

Fidelity National Information Services (FIS) went to market today to issue a six-tranche euro and a two tranche sterling deal. It intends to raise debt to finance the acquisition of Worldpay as announced last month.

Mexican state-owned oil company Petróleos Mexicanos (Pemex) was the highlight of a difficult start to the week for Latin American bonds. But though news of a new $8bn loan allowed it to outperform the market, analysts warned its troubles were far from over.

European financial institutions have made very limited use of Canadian dollars in recent years, but the region’s issuers could soon start to embrace the Maple market as they look to diversify their funding bases for the minimum requirement for own funds and eligible liabilities (MREL).