Americas
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A more volatile day in markets on Friday didn’t stop Brazilian pension fund RioPrevidencia’s deal trading well on the break as syndicate bankers covering Latin America remain positive on the primary market’s near-term prospects. -
Banco de la Ciudad de Buenos Aires (Banco Ciudad) is lining up a potential international bond outing after mandating banks for an Argentine peso-linked trade.
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China-based Daqo New Energy Corp, which makes silicon wafers for solar cells, has bagged $110m after pricing its follow-on of American Depository Shares (ADS) at the bottom of guidance.
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Two high profile Latin American issuers brought the region’s corporate sector back into play on Thursday. Mexico’s Grupo Bimbo and Brazilian lender Banco do Brasil both managed hefty spread tightening after offering conservative price talk, much like the EM sovereigns that dominated primary markets.
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Argentine gas pipeline operator Transportadora de Gas del Sur (TGS) became the latest Latin American corporate to join the new issue pipeline on Thursday, as bankers predict market conditions will become friendlier.
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The first investment grade sovereign trades from Latin American in more than two months left the sell-side feeling more optimistic about the pipeline as issuers were finally able to enjoy relative stability in broader markets.
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SSAs in the dollar market had largely failed to impress this week, providing only a single dollar benchmark. However, one Washington supranational changed that with a remarkable deal on Thursday.
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Issuers from across the SSA galaxy enjoyed smoothly executed deals all along the euro curve, including one touching down in the currency for the first time.
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US financial regulators have proposed new rules that would make it easier for banks to be active in business such as repo and clearing, which were hit hard by post-crisis tightening of leverage ratios.
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Canadian banks and pension funds led a rush of Yankee issuance this week, as they jumped at the chance to tap the dollar market while US banks remained on the sidelines in the run-up to first quarter earnings season.
