Americas

A fresh round of US sanctions on Venezuela’s government will add to the pressure on 46th president of Venezuela Nicolas Maduro to clear off, said bond investors.

Stéphane Morin will step up from his current job as global head of compliance at Natixis in order to become deputy CEO for the Americas corporate and investment banking division. And he will report to Olivier Delay, announced as the new CEO of that department earlier this year.

S&P Global Ratings, which this week became the first international rating agency permitted to rate Chinese domestic deals, plans to start its business gradually. The firm will initially concentrate on renminbi deals sold by its existing clients.

Nio, the Chinese electric car company, has launched bookbuilding for a convertible bond that will be worth as much as $650m, according to a source close to the deal.

Brazilian pulp and paper producer Suzano returned to bond markets for the third time in five months on Tuesday, tapping its 2029s for a further $750m.

The US sanctions slapped on Petroleos de Venezuela (PDVSA) this week look similar to those that have just been removed from Russia’s EN+ and Rusal. The move indicates that the US believes in the effectiveness of sanctions and is happy to keep deploying them. Emerging markets investors should beware.

Liquidity-constrained South American sovereign Ecuador was quick to take its chance to raise much-needed funds on Monday after a strong rally in its bonds, but the deal had investors and analysts worrying an IMF deal is further away than thought.

The largest and best rated airline in Latin America has mandated six banks to lead a bond sale as it prepares to issue $500m-$700m of senior unsecured bonds.

Corporación Nacional del Cobre de Chile, the largest copper producer in the world, became the first Latin American quasi-sovereign to tap bond markets this year as it returned to the long end of the curve.

CPPIB Capital and NRW.Bank brought well received 10 year euro green bonds on Monday, following the completion of their respective investor calls last week. Elsewhere, KfW has mandated for a euro benchmark in the five year part of the curve, having issued in the 10 year segment earlier in the month.

A surprise deal to fund the US government for three weeks, announced last Friday, has given hope to IPO potentials that there will be progress for the large backlog of new listings waiting for the regulator to comment on their filings.

Brazilian building materials company Votorantim Cimentos has increased the size of a tender offer and given bondholders more time to participate, it said on Friday.