Americas
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Mexican non-bank lender Crédito Real has cancelled a tender offer and will now issue a smaller bond than initially planned, owing to market concerns regarding potential government policy, GlobalCapital understands. -
In this round-up, Ping An Bank’s latest convertible bonds broke demand record, state-owned enterprises posted strong growth, and Traiana partnered with Hong Kong Exchange and Clearing to provide OTC clearing.
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Investors who took a chance on an unusual ice-breaker for the 2019 Latin American corporate bond market were rewarded on Thursday as the bond was up 2.75 points the day after pricing.
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Citigroup’s first green bond issue has been a long time in coming, but the issuer was elated with the result of the €1bn deal on Wednesday, which was sold into a bond market where investors had slammed the risk pedal to the metal.
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South American sovereign Colombia pulled off what one banker called a textbook trade on Wednesday, finding strong demand, tightening significantly from price talk, and then seeing the notes edge tighter in the secondary.
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Sterling issuance from non-UK SSAs kept up its record start to the year this week, as UK bank treasuries are searching for safe places to put sterling, afraid the country will leave the EU without an exit deal.
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Corporación Andina de Fomento (CAF) is planning to issue its first public green bond this year, after kicking off its 2019 funding with a euro benchmark and announcing plans to meet US investors next week.
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The Sofr-linked bond market in dollars is lagging behind the progress being made in Sonia-linked sterling, SSA bankers warned this week, with some issuers waiting to see which Sofr model becomes accepted practice.
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The socially responsible investment market in SSAs is picking up pace in 2019, with a supranational bringing a deal in a debut format and other issuers preparing inaugural trades.
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Fearful of missing out and in the absence of competing credit supply, investors piled into higher yielding covered bonds offered by Canadian, Australian and Swedish issuers this week. A negative new issue premium Royal Bank of Canada’s five year epitomised the state of investor frenzy.
