Americas

Web browser Opera has bagged $115m from its Nasdaq IPO after a flood of demand made top-end pricing a certainty, according to a source close to the deal.

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, with analysts expecting a majority to accept.

Brazilian telecoms company Oi is expected to release its new bonds — the product of a restructuring — on Friday. So highly anticipated are the notes that they have been exchanging hands way over par even before they were issued.

High yield investors are hoping that a glut of fallen angels in US corporate credit might help alleviate the drought of issuance they have suffered this year, but a report from S&P Global argues that concerns over the risks in triple-B rated borrowers might be overdone.

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.