Americas

Banco do Brasil became the second state-owned Brazilian issuer to tap dollar markets in two days as it snatched a tight five year senior unsecured benchmark.

Several CLO issuers in the US and Europe have come to depend on Japanese investors to anchor triple-A tranches, but observers say Japan’s banks may no longer be able to soak up foreign paper if a bubbling banking crisis forces banks to clean up their act at home.

Up Fintech, parent of online trading platform Tiger Brokers, has launched bookbuilding for a smaller-than-expected $91m IPO.

Cement company Cemex became the first Mexican credit to issue internationally since January as it tapped European investors for a new seven that it will use to refinance existing debt.

After the quietest start to a year in nearly a decade, Latin American primary markets jolted into action on Tuesday with Brazilian oil giant Petrobras making the biggest splash.

Deutsche Telekom became the latest blue chip company to issue a two tranche bond with no new issue concession on Tuesday, making it three deals out of three so far this week that have come without any sweetener for investors, compared with secondary spreads.

Cemex is back in the bond market after a year and a half’s absence, opening books on a senior secured bond in euros.

Chilean power generation company AES Gener is looking to take advantage of favourable market conditions and cut its funding costs by issuing a new subordinated note to refinance a similar instrument.

High yield bond issuance in Europe is perking up, with several deals being marketed or just about to be launched. Beginning its roadshow on Monday was Sappi, the South African paper company, which wants to issue €450m to replace an older bond; starting on Tuesday is French car parts group Faurecia, seeking €500m.

Pepsico took one of its rare sips at the euro bond market on Monday, and was rewarded with two bonds, seen as priced flat to and through its curve. After the European corporate bond market was clouded by weak secondary trading last week, it was back on form on Monday.

In this round-up, both exports and imports slowed in February, the US and China have not started preparing for a deal-signing summit and the People’s Bank of China (PBoC) has released its February financial data.

The operator of Ecuador’s largest airport finally raised the bond market funding it was seeking on Friday, eventually increasing the size of the deal by $50m as some investors were attracted to a rarely seen yield.