Americas

Grupo Bimbo, the world’s largest bread maker, began meeting fixed income investors on Thursday ahead of a proposed perpetual hybrid bond as Latin American issuers continue to look to bring unconventional structures to market.

Three of Brazil’s most important issuers received overwhelming responses to tender offers in the last week, as the country’s corporates focus on liability management.

General Mills put the investment grade corporate dollar market back on a more positive course this week with a tightly priced trade that paved the way for a rebound in supply.

US health products and services company PerkinElmer priced a €300m corporate bond this week, nearly two years after its debut in the currency. The deal saw good demand as the company paid a spread of 60bp over mid-swaps for the three year notes.

Private equity-owned ION Investment Group has been named as the high bidder of the two that have made last minute bids to beat Temenos in the race for UK trading technology company Fidessa.

Rio Oil Finance Trust, the SPV through which Rio de Janeiro’s state pension fund RioPrevidencia issues bonds backed by royalties from state oil giant Petrobras, has a knack for timing.

Brazilian bonds rallied on Thursday after the Supreme Court ruled that former president Lula Inácio da Silva must go to jail before exhausting his last appeal against a corruption conviction — effectively ruling him out of October’s presidential election.

Swiss telecoms provider Swisscomm found strong demand for its new corporate bond deal. However, investors were very clear on where they saw the value in the deal and the issuer had to pay significant spreads to ensure the deal’s success.

Mireille Dyrberg, the former COO of Nex Group fintech subsidiary TriOptima, has joined data reconciliation firm Duco.

Grupo Bimbo, the world’s largest bread maker, will begin meeting fixed income investors on Thursday as it plans a subordinated perpetual hybrid bond, just after Standard & Poor’s said the company was deleveraging more slowly than expected.

Argentina’s largest province is planning to issue around $496m of peso-denominated notes this week and will look to sell a portion of the bonds to international investors.

As volatility returned to financial markets, US derivatives exchange operator CME saw record average daily volume for derivative contracts in the first quarter of 2018, beating the same period last year by 30%.