Americas
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Brazilian steel producer CSN (Companhia Siderúrgica Nacional) has more than halved the size of a planned tender offer after completing a smaller than intended bond issue last week amid market volatility. -
US chip maker Broadcom has received commitments from 12 lenders for a staggering $100bn funding package to finance its acquisition of technology company Qualcomm.
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Petrol station forecourt company EG Group’s credit worthiness has come under pressure after the UK firm announced $2.15bn of debt-financed acquisition plans last week.
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While market capitalisation weighted indices and portfolios have been incredibly popular in recent years, data show that their equally weighted brethren can have an edge with lower concentration risk and better performance.
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Mexican state-owned oil giant Pemex will more than double the size of its 30 year bond issued on February 1 after receiving a strong response to an exchange offer.
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Four Latin American issuers ventured into cross-border markets on Thursday after a deceptively calm Wednesday, only to be faced with a wave of volatility that had investors worried and led to wider pricing.
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Mexican non-bank lender Unifin made its second bond market outing of the year on Thursday with a senior unsecured deal that came at the wide end of initial price thoughts.
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Bankers said that the Dominican Republic’s Dominican peso bond sale was the highlight of a busy but choppy day in Latin American primary debt markets, though market volatility cost the sovereign heavily in dollars.
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The SSA market showed its “resilience” to the horror show in US equities early in the week as a series of borrowers printed strong dollar trades — one with its largest ever book, another with its largest size in years and not one paying up for the privilege. Some bankers suggested they may have benefited from a flight to safety but the general sense was that if the volatility comes back, public sector borrowers need not worry.
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The US high grade bond market remained open for business through the market sell-off this week, underlining its resilience.
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The viability of short volatility strategies in derivatives markets was dealt a severe blow this week, after a historic spike in equity volatility torpedoed popular exchange traded notes. Costas Mourselas reports.
