Americas

Aircraft leasing company AerCap was the only benchmark-sized corporate issuer in the dollar market as earnings blackouts enveloped the investment grade market in the US.

Bondholders appear to have brushed off any concerns about the Ecuadorean government’s intention to audit existing debt as the sovereign clinched its largest ever bond issue on Thursday at the tightest yield in its history.

Brazilian waterway logistics provider Hidrovias do Brasil drew a raucous reception for an international bond debut on Wednesday as the Brazilian company was able to price just inside where Rumo — its closest comparable — issued last week, though just wide of where Rumo was trading.

Government-owned water utility AySA (Agua y Saneamientos Argentinos) joined energy companies Genneia and MSU Energy in the pipeline on Thursday as this year’s corporate supply from Argentina looks set to start next week.

Meatpacker Marfrig and airline Gol both completed tender offers for existing bonds this week as Brazilian issuers up the pace of capital market activity at the start of an election year.

Guarantor: Canada

Wall Street’s biggest banks hit the dollar bond market with multi-billion offerings after reporting fourth quarter earnings this week, and supply-starved investors piled into the new deals.

The three year part of the dollar curve took centre stage for public sector issuers this week, having played second fiddle to fives so far this year. Issuers were met with just as strong a reception in the short end of the curve as they have enjoyed in fives so far — and SSA bankers believe some could be tempted to test the longer end.

Exuberant US high yield bond investors have driven spreads to multi-year tight levels. Guggenheim said on Thursday that high yield portfolios would earn little over a 10 year Treasury on an adjusted basis, but this is not stopping the rush of buyers into new issue deals. David Bell reports.

DNB Boligkreditt and Canadian Imperial Bank of Commerce this week issued the first five year covered bonds of the year and found strong demand, even though there was a sensitivity around the final spread.

Deutsche Bank placed $2.15bn of new non-preferred senior notes with US investors on Wednesday, as Europe’s largest banks continued to bombard the market with multiple deals at the beginning of 2018.

Chinese biopharmaceutical company BeiGene wrapped up a follow-on offering of its Nasdaq-listed American Depository Shares on Wednesday, raising a larger than expected $750m, according to a company statement.