Americas

Tesla’s unsecured bond due 2025 climbed by two points in secondary trading on Wednesday and Thursday after the company reported it had made $312m of profit in the third quarter, beating market expectations.

The Province of Alberta was set to price its joint biggest ever dollar benchmark on Thursday, with a $2.25bn November 2023.

This month’s global equity sell-off has devastated markets and investors' performance for the year, and Europe’s large equity capital markets houses are thinking of calling time on a challenging 2018 to give a battered buy-side some time to recover, writes Sam Kerr.

Panama’s Banco La Hipotecaria is planning to sell its first covered bond. The five year 144A/Reg S deal will be structured under a contractual framework and privately placed.

Aeropuerto Internacional de Tocumen, the airport of Panama City, said on Wednesday that it wants to tap its existing 30 year bonds for a further $650m as Latin America issuers appeared keen battle through tough market conditions.

Japan Bank for International Cooperation took advantage of the lack of competing supply and good demand in dollars to suck $3bn out from the primary market on Wednesday. Meanwhile, the Province of Alberta has mandated banks for its third benchmark of the year.

Emerging market issuance is picking up steam once more, despite the weakening across the board in secondary levels.

Global equity market volatility has cast a long shadow over the end of 2018, making equity capital markets issuance more difficult.

As investors push on with fighting the Banco Popular resolution decision, Pimco has succeeded in convincing a New York District Court to extract information from one of Santander’s US arms — but failed to convince to the court to force any transparency from the Spanish bank itself.

Emerging market bond investors are pessimistic about the chances of more Latin American deals appearing this week as market conditions grow more difficult.

Chinese automotive marketplace TuanChe is planning to float on the Nasdaq for up to $150m, filing a draft prospectus with the US regulator on Tuesday.

Chilean savings and loans co-operative Coopeuch has diversified further its sources of funding by becoming the first triple-B rated borrower from Chile to issue in Asian bond markets.