Americas

Any bond market activity from Brazilian issuers before October’s elections will be focused on liability management, said DCM bankers after Braskem announced it would be redeeming some of its perpetual notes.

US president Donald Trump took things up a notch with more tariffs on Chinese imports imposed on Monday, forcing China to retaliate. Meanwhile, his chief economic advisor said trade talks were still possible and BlackRock’s CEO said the US economy may actually benefit from trade war in the short term.

India’s Azure Power Global is in the market for a $185m capital increase that will be priced before its New York Stock Exchange-listed shares resume trading on Friday.

The Mexican arm of Spanish lender Santander sold $1.3bn of new tier two bonds on Thursday, with the parent company taking 75% of the deal as it looked to extend the maturity of its tier two capital.

Honduran lender Banco Atlántida will meet bond investors ahead of a proposed green bond as Latin American primary markets slowly creak into life.

Brazilian pulp and paper producer Suzano Papel e Celulose’s CFO told GlobalCapital that he believes the company would have had to pay a higher rate on its latest dollar bond had it chosen to issue immediately after its roadshow.

Nestle, Électrcité de France and BP have led a stampede to the dollar market ahead of an expected rate hike by the Federal Reserve next week, as credit markets shrugged off trade wars between the US and China.

Leveraged finance investors in the US and Europe have scrambled for the bonds and loans backing leveraged buyouts of Thomson Reuters’ Financial & Risk business and Dutch chemical company AkzoNobel this week, with demand driving pricing tighter despite aggressive covenant packages. David Bell and Victor Jimenez report.

Guarantor: CPP Investment Board

American IT services firm DXC Technology made its second visit to the European corporate bond markets on Wednesday and found a good reception from investors for its debut euro issuance.

Cryptocurrencies have not had a great year. Total market capitalisation of the sector is down 75% from the highs of January, falling roughly in line with what the bears predicted. But that hasn’t seemed to slow institutions’ attempts to get involved.

US department store Neiman Marcus’s unsecured bonds and term loan have dipped in trading this week after the company said it was moving its fastest growing online business, MyTheresa, out of the reach of lenders.