Americas

Lat Am bankers remain bearish on new issuance prospects for August despite quite busy secondary markets and as US investment-grade corporates and Asian credits flock to market.

Having rocketed 13 points upon issuance last week, Brazilian telecom Oi’s new bonds dropped slightly in secondary in recent days as the buy-side waits to see whether they will be included in bond indices.

Brazilian engineering and construction firm Andrade Gutierrez has amended the terms of its bond exchange offer after discussions with the largest holders of its old notes.

The US corporate bond market made a stuttering start to August as AEP Transmission pulled a deal, after monthly corporate dollar supply in July had slumped to its lowest level for a decade.

As Asian exchanges increasingly embrace the US model for new listings — the introduction of variable voting rights being a case in point — disintermediated IPOs may perhaps soon be the next fad, writes Clawback.

Debt capital markets bankers covering Latin America say that it hard to convince the region’s issuers to return to bond markets even as investor sentiment seems to be stabilising.

A rapid improvement in Ecuador’s bond yields could tempt it into a new issue, said Nomura on Tuesday, despite the government’s stated desire to stay out of bond markets this year.

EM bond markets around the world have been forced by difficult conditions to shut down early for summer. The only trade due this week, from South Africa's Eskom, will have to attract investors that are ready to hunker down and wait for September.

India’s HDFC Bank has raised $2.22bn through a qualified institutional placement and a concurrent sale of American Depository Shares (ADS).

The Schuldschein market's heavy reliance on car industry borrowers means the prospects of trade wars affecting the sector are worrying investors and arrangers alike.

An exemption for Canadian covered bonds from bail-in is positive, said Fitch this week despite a general concern about the lack collateral available in some covered bonds, and an overvalued Canadian housing market.

Engineering and construction firm Andrade Gutierrez has amended the terms of its bond exchange offer after discussions with the largest holders of its old notes.