Americas

Central America development bank Cabei (BCIE in Spanish) has hired a new head of debt capital markets to lead its bond issuance programme.

Chinese telecommunications firm ZTE Corp, which has failed to comply with a covenant on a $450m syndicated loan due in July, has requested lenders to waive the breach, according to bankers close to the situation.

Aeropuerto de Tocumen, the airport of Panama City, was the only Latin American to raise debt in international markets this week as it raised $225m of 30 year money.

Two Argentine corporates postponed bond issues on Thursday as the Central Bank of Argentina’s (BCRA) attempts to control the fall in the peso proved fruitless, leaving investors asking questions about the country’s economic outlook. Oliver West reports.

Engineering and construction company Andrade Gutierrez Engenharia, one of the largest contractors in Latin America, failed to repay a senior unsecured bond that matured on April 30.

Apple’s announcement this week that it would launch an extra $100bn share buy-back left European markets poised for the higher yields that an exodus of American cash might bring.

The high yield bonds electric vehicle maker Tesla sold last August dropped in the secondary market on Thursday, after its first quarter earnings showed the firm spent $1.1bn of cash during the quarter and CEO Elon Musk abruptly cut off analysts who asked questions during the company’s earnings call.

Chilean state-owned copper mining company Codelco raised $600m of 30 year money in Taiwan on Monday in the first Formosa trade from a Chilean corporate.

The International Organization of Securities Commissions on Thursday scolded central counterparties for not doing enough to implement policies to ensure their stability.

Corporates are hoping for a bumper month for issuance in dollar bonds as M&A funders hit the market after a record April.

Deutsche Bank is looking to shift up to $9.7bn of dollar-denominated debt from European issuance entities to its New York branch, as part of an effort to avoid being taxed more heavily under US president Donald Trump’s incoming tax reforms.

Petróleos Mexicanos (Pemex) sold 5.5 year Swiss franc bonds on Thursday, its first issue in the market for two years. With international supply falling in the last few years, Swiss investors leapt at the opportunity to buy investment grade Latin American credit.