Americas

Patience paid off for Peru on Thursday as its status as one of the safest economies in Latin America helped the sovereign to a new local currency benchmark that received strong interest from international investors.

US medical technology company Stryker had to wait longer than it planned for its debut in the European corporate bond market, but when the chance to launch the deal came on Tuesday, it achieved the hat-trick of tranches it was aiming for with an extra one added for good measure.

Four borrowers piled into the dollar bond market on Thursday, adding to one of the busiest weeks of the year despite tough market conditions. UK telecoms company BT led the charge with a $1.35bn two-part deal.

It was never going to last. Bitcoin has ended its three month holiday from volatility and begun to crash once more. The cryptocurrency market is looking for a new floor.

Baidu-backed video streaming platform iQiyi opened bookbuilding for a $500m convertible bond on Wednesday after US markets closed.

Edgar Madinaveitia, a managing director in Latin American debt capital markets at Credit Suisse, has left the bank, according to sources away from the bank.

Peruvian cement company Cementos Pacasmayo is trying to replace half its dollar bonds with a local currency bank loan.

The US cities of Atlanta and Baltimore are preparing to issue innovative impact bonds to finance construction of new green infrastructure, such as parks, to soak up floodwater. The deals will pay investors extra if the infrastructure performs better than expected.

A Russia euro-denominated bond has taken investors by surprise this week, as emerging markets issuers seem to be taking their last gasps in the bond market this year.

Ecopetrol, the Colombian state oil company, said on Wednesday that it would redeem a $1.5bn bond maturing in 2019 with cash and confirmed that next year’s $3.5bn-$4bn investment programme would be self-financed. Colombia continues to provide slim pickings for bond markets.

Bondholders of Brazilian mining group Vale have taken the chance to decrease their exposure to the rapidly deleveraging company with relish, as investors holding over $3.8bn of paper attempted to participate in a tender offer capped at $1bn.

US medical technology company Stryker had to wait longer than it planned for its debut in the European corporate bond market, but when the chance to launch the deal came on Tuesday, it achieved the hat-trick it was aiming for with an extra tranche added for good measure.