Americas

The US business of Brazilian meatpacker JBS continued to improve its liquidity position with its second bond issue in April on Tuesday. It reopened three existing bonds as part of a liability management exercise.

Ray Dalio’s missive on reforming capitalism proposes making the US more egalitarian: this might be needed to avoid slowing the economy and even to avert a collapse in the economic system itself. But investors such as Dalio are not so keen on putting capital into the one region in the world where capitalism and equality have found an easier marriage.

As Uber prepares to ride a wave of hype to a valuation that could be $100bn at IPO, potential buyers should make sure they're not relying on market momentum alone to carry these loss-making juggernauts higher.

Royal Bank of Canada said on Tuesday that it was looking at the euro market for its first green senior unsecured bonds, at a time when issuers seem to be more in control of pricing than investors.

Chinese plastic surgery online social network So-Young International has commenced its Nasdaq IPO of up to $179.4m.

Chilean pulp and paper company Celulosa Arauco y Constitución is likely to perk up the Latin American bond markets this week as it weighs up the sale of new bonds to finance a tender offer.

JP Morgan has appointed Jennifer Piepszak as its chief financial officer, replacing Marianne Lake, who will now run consumer lending.

Santander’s S3 business is set to join up with Crédit Agricole’s CACEIS, as the two banks look to merge their custody and asset servicing operations, a growing area of revenue for banks.

Chinese company Hollysys Automation Technologies withdrew its planned follow-on share offering on Wednesday.

Just one Latin American issuer comprises the visible new issue pipeline, though bankers say market conditions continued to be favourable during the short working week.

Trinidad Petroleum Holdings (TPH), the state oil company of Trinidad and Tobago, is looking to stave off an $850m August bond maturity with a debt exchange and new senior secured loan.

The US Federal Reserve’s more dovish than expected stance this year triggered the return of Latin America’s largest telecoms company to the dollar bond market after an eight year absence, the group’s chief financial officer told GlobalCapital.