Americas

Brazilian mining giant Vale’s bonds led losses in emerging markets on Wednesday after Moody’s became the first rating agency to put the notes on the junk pile in reaction to a tragic dam collapse.

Paccar Financial has become the latest in a string of US issuers that have tapped the euro market over the past two weeks. The financing arm of the US maker of trucks and trailers has raised €300m via the sale of new 0.125% notes due in March 2022.

Export Development Canada made light work of its debut euro benchmark on Wednesday, with the deal heavily oversubscribed and printed 3bp tighter than price thoughts. While applauding the deal, some on-looking SSA bankers felt the level on offer might have been slightly generous — although they admitted that fair value is always fuzzy on an inaugural trade.

The US-led equity rally of the first two months of 2019 is likely to continue, says Eddie Perkin, chief investment officer of Eaton Vance. In an interview with GlobalCapital, he said this should prompt an increase in equity capital markets issuance, and stronger investor returns than many would have expected after a terrible end to last year.

Futu Holdings, parent of Hong Kong-based Futu Securities International, has launched bookbuilding for its potential $130.8m Nasdaq IPO.

Export Development Canada mandated banks on Tuesday for its inaugural euro benchmark, despite the euro/dollar basis swap having moved against euro issuance since the start of year, according to bankers.

Colgate-Palmolive, the US consumer products company, has added to the recent splurge of new reverse Yankee supply with a €1bn dual-tranche that was seven times oversubscribed.

Credit Suisse has promoted a clutch of bankers to senior group roles, with Lydie Hudson joining the group executive board.

Emerging markets investment manager Ashmore reckons Ecuador could remain active in global debt markets despite agreeing $10bn of financing from multilateral institutions last week to significantly reduce default risk.

Canada’s Barrick Gold has launched an almost $18bn hostile swoop on rival Newmont on Monday, as the wave of consolidation in the gold sector reaches new heights.

Colombian airline Avianca could tap investors for a new bond issue in the coming weeks as it looks to refinance an existing bond maturing in May 2020.

Chinese broker Up Fintech, best known for its platform Tiger Brokers, is planning a listing of American Depository Shares (ADS) on the Nasdaq. It wants to raise as much as $150m.