Americas

Funding for leveraged buyouts in the European primary high yield market gained further share of overall issuance this week, as specialty car parts maker LKQ of Chicago sold a €1bn bond for its acquisition of German peer Stahlgruber.

Investment grade borrowers have taken their feet off the early refinancing pedal, as they bet that benign loan market conditions will continue despite the upheaval expected in the bond markets in the coming months.

The auto finance arm of General Motors opted for shorter maturities to try to ensure the success of its first bond sale of 2018 on Monday. 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.

The governor of the Bank of England, Mark Carney, has warned his international colleagues that while “crypto-assets do not pose risks to financial stability” now, this could change should the asset class become more “interconnected” with the regulated financial system.

China’s OneSmart International Education Group opened books for its $211.9m IPO of American Depository Shares (ADS) on Monday.

Baidu-backed video streaming platform iQiyi kicked off bookbuilding for its $2.38bn US listing on Monday and was covered quickly.

Brazilian state oil giant Petrobras has launched a tender offer for up to $4bn of debt across six different bonds maturing between 2020 as 2023 as it continues to tidy up its liabilities.

Moody’s has warned that InRetail Shopping Malls’ plans to raise new debt — in part to fund an acquisition by a separate subsidiary of its parent company — were a 'distinct credit negative', as the Peruvian company plots investor meetings this week.

Barclays has hired a senior credit trader from Citi as another high profile addition to its US credit business.

US exchange operator Chicago Mercantile Exchange is considering acquiring post-trade and markets operator Nex Group, the latter firm confirmed in a circular to investors on Thursday night.

Regulators prepare for the introduction of Chinese depository receipts (CDRs), the US Federal Reserve scolds Industrial and Commercial Bank of China for failing to comply with anti-money laundering rules, and China holds less US Treasury bonds in January.

The largest dairy company in Argentina is looking at calling its existing 2021s in July after filing a new debt shelf, according to market sources in Buenos Aires.