Americas

Prologis, the US real estate investment trust that owns logistics properties, held a call with investors this morning to explore the sale of a sale of a 10 to 12 year euro senior unsecured benchmark bond.

Engineering and construction company Andrade Gutierrez, one of the largest contractors in Latin America, is asking bondholders to push out a 2018 bond maturity that it failed to pay on April 30.

Chinese e-commerce start-up Pinduoduo is set to price its US listing at the top of guidance after a flurry of demand towards the end of its roadshow, according to a banker working on the deal.

The US Treasury Department’s Office of Foreign Asset Control (OFAC) has issued a licence that would enable holders of PDVSA’s 8.5% 2020s to access the bond’s collateral despite an executive order that prohibits US persons from receiving shares from the Venezuelan government.

Two Chinese technology firms listing in the US have been hotly received by investors, with both well covered since their launches earlier in the week.

Latin American corporate bond refinancing needs will surge next year just as external financing conditions have worsened and as new governments take office across the region, Fitch warned this week.

Brazilian issuers continue to focus mostly on liability management rather than new debt raising as a combination of weak conditions and looming presidential elections makes timing new deals difficult.

Caribbean island nation Barbados said on Wednesday that views were “converging” over the possible size of its fiscal consolidation, setting the stage for negotiations with bondholders to begin.

IHS Markit exploited the lull in high-grade supply to grab investor attention with its investment grade debut.

Wall Street heavyweights returned in force to the dollar market with a string of multi-billion dollar trades after posting strong second quarter earnings.

FIG funding project after project has had to be postponed because of higher volatility levels in 2018, leading to a build-up in supply at the beginning of the summer break. With banks growing fearful of market overload, funding teams are thinking hard about whether August could be a window of opportunity after all. Tyler Davies reports.

Issuance in Europe’s equity-linked market is likely to remain stagnant for the rest of the year as long as there is no rapid uplift in rates and the high yield bond market holds up. The US meanwhile continues put all other markets in the shade as total volume powers to its strongest year since 2007.