Americas
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Marsh & McLennan Companies printed the biggest deal in its history with a multi-tranche merger and acquisition financing this week, providing a hint of optimism in the dollar market. -
In this round-up, US-China extended the previously planned two-day trade talk to a third day, Li Keqiang met Tesla’s Elon Musk, and the state council rolled out lower tax rates for small and low profit businesses.
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Colombian company TermoCandelaria Power Limited (TPL) finally injected some intention to the Latin American primary bond market with a roadshow announcement, but bankers continue seeking a candidate to be the first to raise funding.
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Brazilian state oil giant Petrobras began the year finalising yet another buy-back of existing bonds, though the response from bondholders fell below the $1.5bn maximum repurchase amount set by the borrower.
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That US president Donald Trump’s administration should pick a fight with the World Bank — and the bevy of other multilateral development banks the US owns shares in — is no surprise.
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Investors flocked to Nordic and Canadian covered bonds issued this week by DNB Boligkreditt, Bank of Nova Scotia (BNS) and National Bank of Canada, perhaps reflecting a view that their spreads are well positioned to withstand the European Central Bank’s withdrawal from covered bond market.
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Cultured, guitar-playing capital markets banker who was widely seen as the best SSA originator in the business died on December 26. He was 48 and had been suffering from cancer.
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There has been precious little cheer in the dollar market but Anheuser Busch Inbev (AB InBev) provided some on Thursday when it printed the biggest corporate investment grade trade since October amid signs of improving sentiment.
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After waiting nearly a month, US engineering firm Emerson Electric on Tuesday landed the dual tranche deal it roadshowed in December. The €1bn dual tranche offering was a good deal in its own right, but could also herald the return of the Reverse Yankee market in 2019.
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The surprise decision by Jim Yong Kim to quit as president of the World Bank and join a private fund has triggered a race for the top job in development finance, at a time when the US, the Bank's largest shareholder, is hostile to multilateralism. By Phil Thornton
