Americas

The African Development Bank has become the first supranational bank to use a securitization sold to private investors to free up balance sheet capacity. The deal, four years in the making, demonstrates a new technique that could expand development banks’ firepower to promote development.

The African Development Bank’s $1bn synthetic securitization is not its first risk transfer transaction, and will not be its last. The bank has marked itself out as a leader in this sphere, though the effort to get such techniques to work is also highly collaborative.

Latin American DCM bankers are hoping that Brazilian pulp and paper producer Suzano Papel e Celulose gave the market the fillip it needed as the borrower enjoyed smooth execution on a surprise outing on Monday.

Garrett Motion began to market euro bond funding for its separation from Honeywell this week, as high yield investors close on some of the largest deals seen so far this year.

Dexia Crédit Local and CPPIB Capital released initial price thoughts on Monday for their new five year dollar benchmarks amid what bankers called a "good backdrop" for the maturity. Both deals are due to be priced on Tuesday.

Assets allocated to US exchange traded products and funds hit a record high in August, after assets left the space when volatility returned to US markets in February.

Soft demand and higher costs continue to hit Grupo Kaltex, leading Standard & Poor’s to downgrade the Mexican textiles company to B- last week and maintain the bonds on negative outlook.

Shareholders of Hangzhou Lianluo Interactive Information Technology have approved its plan to list Newegg, a consumer electronics retailing website, in the US.

CPPIB Capital hit screens for a new five year dollar benchmark on Friday, following trades in the same currency and maturity by Bank Nederlandse Gemeenten and the African Development Bank on Thursday.

Exchange and tech group Nasdaq has made a $190m all cash offer to buy Cinnober, the Swedish Fintech company.

Hong Kong and Shanghai-listed Huatai Securities is seeking shareholder approval to spin-off AssetMark Financial Holdings through an IPO in the US.

Syndicate bankers say more Latin American issuers could follow Argentine oil and gas company YPF and Brazilian state-owned bank BNDES in buying back existing bonds as low dollar prices make tenders attractive and can provide investors with liquidity.