Americas

Brazilian energy company Petrobras has tapped the loan market for a $4.35bn revolving credit facility from 17 banks.

Regulators in the United States were afforded greater powers to scrutinise cryptocurrency spot markets this week, as supervisory bodies around the world come to grips with the nascent asset class.

Fairfax Financial Holdings, the Canadian holding company of a number of insurers and reinsurers around the world, has announced a roadshow for a deal in euros.

Chinese video streaming platform Bilibili filed a prospectus with the US market regulator this week, eyeing up to $400m from an IPO of American Depository Shares (ADS).

Paraguay wrapped up two days of investor meetings on Wednesday, and the South American sovereign will have New York bond syndicate desks wishing it the best of luck if it announces a new deal on Thursday — as expected.

Investors this week showered orders on to the first bond issue from Teva Pharmaceuticals since a recent downgrade to high yield ratings. The hook? A 50bp-100bp premium over its old bonds in the secondary market.

Swedish Export Credit Corporation on Wednesday priced what bankers away from the deal said was a “very strong trade”, as it printed in the same five year tenor that has brought success for SSAs over the last few weeks. But one borrower is set to attempt a tenor that has not been visited since late January.

On Wednesday, German business software company SAP printed a €1.5bn triple tranche deal at tight spreads following more than a year and a half without issuing, while American IT services firm DXC sold its first non-dollar deal.

Fresh doubt has been cast on whether the record-breaking $100bn loan package for US chip maker Broadcom will come to fruition, after a US national security committee took the unusual step of issuing a public warning against the acquisition that the funds will finance.

Emerging market bond markets began with a softer tone on Wednesday after the resignation of Gary Cohn as Donald Trump’s economic adviser added to a more negative tone in global markets. Cohn is a supporter of free trade and opposed Trump's leanings towards protectionism.

Bank of Montreal offered investors a €500m four year floating rate bond on Wednesday, continuing a trend of issuers looking at the FRN format. The order books were thinly subscribed despite the defensive format of the trade.

Even allowing for the pause in European corporate bond issuance caused by the volatility of global markets early in February, the month's primary activity proved to be meagre. But investors are hoping the signs for March are better.