Americas

A chilly east wind may be reminding Londoners it’s only March, but an unseasonal summer continues to blaze in the corporate bond market. Medtronic, the US-Irish maker of high tech medical devices, made its debut in the currency today with a six tranche extravaganza that attracted over €30bn of demand.

Singapore-based internet company Sea is planning to issue a new chunk of its US-listed equity, according to a filing with the regulator.

There was more bad news for Mexico’s standing in bond markets last Friday evening as S&P shocked many market participants by slapping a negative outlook on the sovereign’s BBB+ rating.

In this round-up, the China Banking and Insurance Regulatory Commission (CBIRC) put pressure on banks to provide more private sector financing, the US trade representative said he was not yet satisfied with China’s trade promises and the Hong Kong Stock Exchange (HKEX) planned to increase cross-border capital market deals.

A robust balance sheet did not protect Vale from returning to junk status with Moody’s this week as the Brazilian mining company’s bonds suffered the agency’s decision to punish the borrower.

Latin American bond markets finally welcomed news of a potential issuer on Thursday as the concessionaire operating Quito’s new airport announced roadshow plans.

Christine Lagarde, head of the International Monetary Fund, warned politicians on Thursday not to roll back banking regulations established in the wake of the financial crisis, as she highlighted a spike in financial pay. She also discussed ways of making finance more sustainable in its outcomes, and how fintech could improve inclusivity.

Guarantor: Canada

David Malpass, US candidate for the World Bank presidency, has serious weaknesses and lacks experience, according to a former chief economist at the multilateral lender.

The SSA euro market’s record start to the year shows no signs of slowing down, with bankers confident that the conditions which have helped draw record book after record book are here to stay. That backdrop helped Export Development Canada (EDC) to an excellent debut in the currency, as well as a very strong trade from the veteran European Stability Mechanism (ESM).

Dollar swap spreads tightened dramatically in the middle of the week — with bankers at a loss to explain why — but the SSA sector was still “rock solid” in one syndicate head’s words, so the currency should be open for business next week. The only two dollar trades this week — a bond market return from CDP Financial and first deal of the year from Erste Abwicklungsanstalt — both went well.

Guarantor: Caisse de dépôt et placement du Québec (CDPQ)