Americas

Azure Power Global, the Indian solar energy producer, raised $185m from a follow-on offering after its Canadian shareholder stepped in to buy more shares than expected.

Mexican home appliances company Controladora Mabe is looking to buy back bonds due next year as Latin American companies continue to focus on liability management.

A spike in US Treasury yields on Thursday had a knock-on effect on bond spreads in Asia, posing an additional challenge for issuers ready to head out the gates next week.

The spread on Colombia’s $2bn new issue hung in close to reoffer levels on Thursday as the speed of the US Treasury sell-off spooked some EM investors, just as it seemed the asset class was returning to form.

Coca Cola’s Chile-based bottling business Embotelladora Andina (Andina) is planning to replace international debt with domestic bonds, after wrapping up a tender offer for its old 2023s.

Telecoms company Cable & Wireless sold $500m of eight year paper at the tight end of guidance to become the first high yield name from Latin America or the Caribbean to issue in dollars since July 12.

Colombia reopened Lat Am bond markets on Wednesday but Peru is likely to provide a greater test as it meets investors ahead of a proposed nuevo sol and dollar-denominated dual tranche deal.

Yankee banks continued to dominate the high-grade calendar as lenders from across the globe teed up benchmark deals.

Comcast got October off to a flyer after high-grade corporate dollar issuance slumped to its weakest level for four years in third quarter. However, aside from Comcast there were slim pickings in the high-grade market this week.

Comcast wowed the dollar market with the fourth biggest corporate bond of all time as investors jumped in to produce a bulging order book against a strong technical backdrop.

The International Finance Corp became the first issuer to launch a green Komodo bond — an offshore bond in Indonesian rupiah — on September 28. But the World Bank had the same idea: it launched a sustainability bond in rupiah the following week.

American real estate investment trust (REIT) WP Carey paid a significant premium when it sold its second euro deal of 2018 on Tuesday. Despite the lack of reverse Yankee issuance this year, investors needed some persuading to buy the 7.5 year deal.