Americas

Mexican food producer Sigma Alimentos was the only Latin American borrower to issue internationally this week as bankers said that issuance conditions remained difficult.

Equity market volatility in the US spiked this week as investors scrambled to position for emerging risks, including impending tech regulation, an escalating trade war and rate hike worries.

Anheuser-Busch InBev timed a $10bn multi-trancher to perfection this week as it jumped into the market to extend maturities ahead of the Federal Reserve’s rate interest rate hike.

The Financial Services Committee of the US House of Representatives on Wednesday waved through a bill that could allow banks to remove initial margin for centrally cleared derivatives from their leverage exposure, and thus hold less capital.

The auto finance arm of General Motors opted for short maturities to try to ensure the success of its first bond sale of 2018, but the €1bn dual-tranche deal only received orders of €1.7bn and the lead managers were only able to tighten one of the tranches from initial price thoughts.

Canadian insurance holding company Fairfax Financial Holdings issued a eurobond for the first time on Thursday, taking advantage of more favourable market conditions.

RHI Magnesita, the Austrian-Brazilian maker of refractory products, has refinanced its debt with a new €305.6m five year term loan.

DCM bankers in Asia are gearing up for a hectic April as investors put the US interest rate hike behind them. But how will borrowers, particularly those that are lower rated, navigate the many fundraising challenges ahead? Addison Gong finds out.

China’s promotion of a home-grown depository receipt market is already gaining traction, even before the rules around it are published, with the big four technology giants showing their interest in returning home. But while China Depository Receipts (CDRs) will put pressure on the Hong Kong exchange, it will be some time before they pose a serious threat, writes Jonathan Breen.

Peru’s dollar denominated sovereign bonds dipped in secondary markets on Wednesday afternoon after president Pedro Pablo Kuczynski (PPK) resigned before a pending impeachment vote, but had recovered most of their losses by end of play.

The order book for OneSmart International Education Group’s $212m IPO on the New York Stock Exchange is well covered across the price range, said a banker at one of the leads.

AT&T’s Latin American subsidiary began investor meetings on Wednesday ahead of an international bond debut that may include an Argentine peso tranche.