Americas

More Latin American issuers could look for 30 year debt in international markets, said DCM bankers after Petrobras sold its first new note at that point of the curve since 2014.

Banco do Brasil returned to dollar markets on Wednesday, taking advantage of scarcity value to snatch a tight five year senior unsecured benchmark.

Cement company Cemex brought hope for the Mexican bond pipeline as it turned to Europe to become the first Mexican credit to issue internationally since January, while the sovereign also crossed the Atlantic for investor meetings this week.

Bond investors embraced pan-emerging markets telecoms company Millicom International Cellular’s debt-funded acquisitions in Central America as they piled into the company’s latest bond and continued to demand the paper in the grey market.

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.

Financial institutions, ranging from Wall Street heavyweights to regional lenders, dominated the dollar bond market this week, offering supply across the size and credit rating spectra.

Dollar borrowers continued to enjoy decent spreads this week but syndicates complained of indigestion as foreign investors scuttled to the sidelines.

The exceptionally strong demand in Europe’s corporate bond market has remained unaffected by the turmoil in the UK’s Parliament, as MPs vote night after night on repeated motions that could determine the country’s future inside or outside Europe. On Thursday, two issuers attracted huge books: Marsh & McLennan Companies, the US insurance and investment services group making its debut in euros, and Incommunities Group, a Leeds-based housing association, in sterling.

It has been a good week for Latin American issuers in Swissies, with two banks from the region taking Sfr400m ($398m) out of the market on Tuesday and Wednesday, bringing total issuance from the region for the year up to Sfr875m.

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.