Americas

China has rolled out trade concessions to the United States, signalling a willingness to negotiate before the trade war gets out of control. But it has also increased its rhetoric over the arrest of Huawei’s chief financial officer in Canada.

Goldman Sachs International conducted business with Lars Windhorst, the colourful German financier, despite warnings from its compliance department that he was a high risk counterparty.

NiQuan Energy Trinidad Ltd, the owner of a gas-to-liquids plant in Trinidad and Tobago, held its final conference calls on Thursday and appears to represent the Lat Am DCM market’s last hope of primary activity in 2018, with most bankers now looking towards January.

Mexico City Airport Trust (Mexcat) offered an improved deal to bondholders this week as it seeks to make the documentation changes necessary to allow it to cancel its Texcoco airport project, but analysts said the new government has a long way to go before regaining the trust of markets.

Bondholders were never going to be satisfied with Mexico’s new government after it cancelled the airport project in which they’d invested $6bn. But though the issuer’s tender offer and consent solicitation is unlikely to be the administration’s last squabble with markets, it is still a good sign.

Mexico’s finance ministry showed it was willing to listen to investor concerns with a new improved tender offer from Mexico City Airport Trust (Mexcat), but for some bondholders at least it will not be enough to persuade them to participate.

Tencent Music Entertainment Group (TME) gave investors a year-end treat this week with 2018’s last billion-dollar IPO from an Asian issuer. It was paid back with a near 8% jump in its stock price on the first day of trading. But to succeed the firm had to cut its fundraising target and get realistic on pricing. Jonathan Breen reports.

Corporate bond bankers in the US are predicting a further 10% fall in dollar supply in 2019 as more volatility and an expected fall in US M&A activity hits issuance. The predictions come after supply for December hit its lowest level on record.

The depository arm of Canada’s TMX Group is testing a bond link with the Shanghai Clearing House, offering the latest way for foreign investors to access China’s onshore bond market. But while the new link will give Canadian and US investors more freedom to choose onshore dealers, it is unlikely to address some investors’ worries over privacy.

BNP Paribas managing director Ravina Advani has been appointed head of energy, natural resources and renewables in the firm's coverage division.

Paraguay wasp once again the rare consistent provider of good news for Latin America bond markets this week when it earned a credit rating upgrade from Fitch that puts it just one notch off investment grade status with three of the major rating agencies.

A group of bondholders publicly opposing the proposal by Mexico City Airport Trust (Mexcat) to amend documentation in its bond documents now represents over half the issuer’s debt, according to the law firm representing them.