Americas

US companies stayed away from issuing bonds this week, amid continuing volatility and concerns about second quarter earnings after Facebook offered "bombshell guidance".

Primary and secondary equity capital market investors will hope that Facebook's nightmare week is an aberration rather than an indication that tech growth is under pressure. A combination of earnings woe for other tech firms and an escalation in the trade war between US and the rest could hamper issuers' chances, writes Sam Kerr.

Prologis, the US warehouses Reit, found a very warm reception to its first euro benchmark issue since 2015 this week, leading bankers to surmise that other reverse Yankee issuers might follow it to the euro market.

Brazilian shopping centre owner General Shopping has increased the buy-back price on a tender offer for some of its existing bonds, despite having already offered a pick-up to secondary market prices.

The new dollar bonds Brazilian company Oi will issue as part of its restructuring look very attractive, according to credit analysts, as the telecoms giant prepares to emerge from its mammoth R$65bn ($17.6bn) debt do-over.

Pinduoduo, one of China’s hottest technology start-ups, sealed its $1.6bn IPO at the top end as expected, but not all American Depository Share (ADS) listings were so lucky this week as investors remained on edge.

Goldman Sachs was able to take €1.5bn of funding out of the senior market on Wednesday in the first FIG deal of the week, taking advantage of a more benign secondary backdrop.

Brazilian mining giant Vale regained full investment grade status yesterday as Moody’s upgraded the borrower to Baa3, crowning a steep recovery in the company’s credit quality.

The £1bn rights issue of DS Smith, the last big ECM deal scheduled before the summer has been completed. The UK and European market is now preparing for what is expected to be a "very busy" September.

Pintec Technology Holdings is gauging investor appetite for its IPO on the Nasdaq ahead of roadshows that are expected to start next Wednesday.

Populist politicians challenging their central banks and blaming foreign businesses for their country’s woes is not normally something investors expect from the United States, but President Trump forces investors to think about political risks which are far more common in emerging markets.

Intercontinental Exchange has completed its $685m acquisition of TMC Bonds, a fixed income trading platform that adds to its drive into market infrastructure.