Americas

NiQuan Energy Trinidad Limited, the owner of a gas-to-liquids plant in Trinidad & Tobago, will begin to meet bond investors on Tuesday as it looks for a debut deal that could bring some unexpected December activity to the Lat Am primary market.

Mexico City Airport Trust (Mexcat) bondholders finally found respite in secondary markets on Monday as the government-owned company, which had raised $6bn of debt for the now cancelled Texcoco airport, launched a tender offer and consent solicitation for the notes.

Peru set the final size of its new 10 year local currency benchmark at Sl10.35bn ($3.06bn) on Friday after allocating some Sl4.438bn of notes to investors participating in a tender for existing bonds.

Brazilian steelmaker Gerdau will buy back $1bn of existing dollar bonds after receiving over $1.345bn of offers from bondholders to participate in a tender offer during the early-bird period, taking advantage of a strong cash position after asset sales and a recent local bond issue.

In this round-up, Donald Trump and Xi Jinping agreed to hold back from new tariffs for 90 days, Bloomberg received the green light from China Foreign Exchange Trade System (Cfets) to become the new trading platform for Bond Connect and CIBM Direct, and UBS obtained approval to acquire a majority share of onshore joint venture UBS Securities.

JP Morgan blew open the dollar market with the first big US bank trade in more than an month and its first since reporting third quarter earnings on October 12.

Baidu’s video streaming platform iQiyi has raised $650m after pricing its bigger convertible bond at the investor friendly end of guidance.

Santander Brasil has tested the country’s Letra Imobiliária Garantida (LIGs) covered bond regime with two privately placed deals.

After months of work to reach a trade deal, analysts say that the best one can hope for is a truce rather than an end to the confrontation. Meanwhile, China is tightening trade ties with potential allies as an antidote to a possible escalation.

In this round-up, Bond Connect has chosen Bloomberg to become its second electronic trading platform, the renminbi dropped one place in Swift’s payment rankings, and onshore banks are adding assets at decreasing speed.

Odebrecht Engenharia & Construçäo finally admitted defeat in its attempt to avoid default on Monday, as it acknowledged that it would not be making a $11.5m coupon payment due on its $519m of 4.375% 2025 bonds, paving the way for a restructuring.

Power generation and distribution company Nautilus Inkia is looking to give Latin America’s corporate bond markets one final burst of life in 2018, as it hits the road eyeing a 144A/Reg S senior unsecured offering.