Americas

The Treasurer of California, John Chiang, rebuked President Trump for climate change denial on Tuesday as he committed the state to developing a "green bonds strategy" to develop the market and accelerate its growth.

Tesla’s only high yield bond traded at its highest level since mid-March on Tuesday, after CEO Elon Musk said he was considering a take-private deal that led investors to consider the bond’s attractive change of control provision.

After suffering the slowest month in a decade in July, the US high yield pipeline burst into life this week with two new deals on Tuesday and a further $5bn in the pipeline for the rest of the week.

Discover Bank tested a rare format for a US subordinated deal this week, with a tier two bond that has a coupon that resets if not called. An analyst suggested other US banks could copy it.

Chile’s corporate issuers are well placed to stand firm as Latin America’s best-rated sovereign experiences a gradual decline in its stellar credit quality, said Moody’s on Monday.

Owners of Brazilian engineering and construction firm Andrade Gutierrez’s defaulted bonds have overwhelmingly approved an exchange that pushes out the maturity and increases interest payments, the company said on Monday.

The funding for KKR’s acquisition of BMC Software is set to add almost $2bn of high yield bonds in euros and dollars this week, the last portion of a cross-border, multi-billion debt deal that has enlivened the leveraged finance markets.

Investors are returning to emerging market assets, stemming the tide of outflows from a sector battered by an international trade dispute and strong dollar — but perhaps only briefly.

Argentine electricity generation company Albanesi’s bonds found support in secondary markets at the end of the week after a 17 point drop following the arrest of its chief executive.

American Express set the pace in a front-loaded week for financial institution bond issuance in the US, as it took home $2.35bn ahead of the latest meeting of the Federal Open Market Committee.

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.