Americas

Bright Scholar Education Holdings is out with its first follow-on offering since its IPO last May, and is gunning for about $200m.

Sunlands Online Education Group is planning an up to $300m IPO of American Depository Shares (ADS), according to a draft prospectus submitted to the US regulator on February 23.

Colombia’s bonds have hardly moved in secondaries since Moody’s placed its Baa2 rating on negative outlook last week, although the sovereign’s debt had already widened heavily over the last few weeks.

The outlook for Canadian covered bond supply in euros is not as grim as it seems, despite the fact that the nation’s lenders have already issued three quarters of what they supplied in euros In 2017, the cross currency basis swap is not particularly compelling and senior unsecured funding is cheap in dollars.

Venezuela’s cryptocurrency plans were met with a dismissive reaction from Lat Am bond market participants this week, who questioned the value of any currency issued by the defaulting government.

At least two Latin American borrowers opted to delay new issue announcements this week as syndicate bankers suggested the names in the pipeline would be more demanding on pricing than their CEEMEA counterparts that did issue.

Venezuela has become the first sovereign nation to launch a cryptocurrency. While few outside Venezuelan president Nicolas Maduro’s administration are impressed by the pioneering venture, others are expected to follow suit nonetheless, write Lewis McLellan, Costas Mourselas and Oliver West.

The US government’s agreement to remove the country’s debt ceiling early in February has left the buy-side waiting for a wave of issuance from the US Treasury. But as opportunities arise for investors, one has warned that the public may end up seeing the bond market as “the bad guys” as rising yields help public sector borrowers but hinder corporates in the front end of the dollar curve. Nigel Owen and Craig McGlashan report.

The US Department of the Treasury defied Republican calls to scrap the Orderly Liquidation Authority this week, after publishing a report in which it recommended an overhaul of the nation’s framework for dealing with failing banks.

The dollar high-grade calendar snapped back to life on Wednesday and Thursday, but bankers remain cautious as a significant uptick in rates will severely test pricing levels and investor appetite.

A new study of green bond pricing has stopped short of saying that green bond issuers can generally expect to get tighter new issue premiums. But the report’s lead author did say: “Green bond buyers can’t expect to receive a new issue premium — that is itself quite a bold statement.”

Yankee banks shunned the short end of the curve this week as they returned to the dollar market after reporting earnings.