Americas

The largest telecommunications company in Argentina has become the latest issuer from the country to look to international bond markets, even as traders and investors fret over a swift slump in the peso.

The Central American Bank of Economic Integration (Cabei) was back in Taiwan’s Formosa market on Friday with a renminbi-denominated bond, more than 18 months since its last renminbi-denominated issuance.

Mexican IT infrastructure provider Kio Networks was unable to budge pricing on its second ever international bond on Thursday, but market participants following the deal said the company should be happy with the result amid tough market conditions.

Petroquímica Comodoro Rivadavia (PCR), the Argentine energy company, began investor meetings on April 25 ahead of a planned debut international bond sale, with compatriot and peer company Capex expected to provide the closest comparison.

Peruvian drugstore operator InRetail Pharma and Brazilian electricity company Light both sold new deals tighter than where some investors would have liked on Wednesday to show that issuers had at least some pricing power.

Bond investors said Colombian financial holding company Gilex’s debut bond had been worth the wait as the owner of GNB Sudameris bank raised $300m on Wednesday and then saw the notes trade up on Thursday.

US corporate bond bankers are hoping for a busy start to the month for the dollar new issue market as companies emerge from earnings blackouts to bring some big M&A trades.

MUFG has started a round of redundancies in its securities business, with several jobs in London and New York said to be at risk. GIobalCapital understands that not all those who will be put at risk of redundancy have yet been notified but fewer than 35 staff will be affected.

Two issuers with double-B ratings, Darling Ingredients and Avast, achieved substantial financial cost savings with repricings this week, as pricing for top rated paper still looked attractive despite a recent uptick in spreads.

Canada’s office of the superintendent of financial institutions (OSFI) is expected to raise limits on covered bond issuance, paving the way for additional supply from established and new names.

The benchmark US Treasury 10 year yield moved through the 3% level this week, creating what some say was unnecessary panic in the market. That was clearly reflected in the dollar bond issuance in Asia, with some borrowers ploughing ahead with well-received 10 year transactions and others ditching the tenor altogether. Addison Gong reports.

Deutsche Bank unveiled another major restructuring on Thursday, rebranding itself as a European bank with global reach, and promising to cut back on local commitments in the US and Asia, as well as slashing US rates, global equities, and prime finance. The announcement came alongside results one analyst described as “a relatively poor set even by Deutsche Bank standards”.