Americas

Top emerging market bond investors are warning that making strong returns will be much more difficult in 2018, as elections and interest rate risk introduce more volatility into the markets.

The Federal Reserve Board and the Federal Deposit Insurance Corporation said this week that the largest US banks had made ‘significant progress’ in drawing up resolution plans.

One of Argentina’s poorest provinces is considering returning to international bond markets in January, according to buy-side sources in Buenos Aires.

Olivier Grimonpont, veteran of bond clearing platform Euroclear, will step up to the role of CEO of GlobalCollateral, a collateral management venture between Euroclear and the Depository Trust & Clearing Corp.

Former president Sebastián Piñera won Chile’s elections on Sunday to book himself a second stint in charge of the Latin American country with the best credit rating. But though Chilean bonds rallied marginally on the news, analysts say the incoming leader faces a struggle to make significant policy changes.

Latin American trade finance lender Bladex has promoted from within after the departure of its chief financial officer.

Hong Kong-listed China Mengniu Dairy has won regulatory approval to tap the Panda bond market for the first time, and is seeking as much as Rmb15bn ($226.7m) from short and medium term notes.

Brazilian low-cost airline Gol has announced its latest liability management efforts: a $50m tender offer for its outstanding 2020s and a redemption of three small bonds issued as part of a distressed debt exchange last year.

Rutas al Mar, the toll road being built between Colombia’s Antioquia and Bolivar states, became the third concessionaire in the country’s 4G infrastructure project to issue bonds last week.

The US Commodity Futures Trading Commission on Friday proposed an interpretation of a crucial derivatives rule with regard to virtual currencies like bitcoin.

Bankers and investors covering Latin America were grateful this week for the end of a hectic year in which unprecedented levels of issuance have sprung from the region, with strong conditions set to continue in 2018.

Mexican payroll lender Alpha Holdings sold its inaugural cross-border bond deal on Tuesday, becoming the latest in a growing group of Lat Am non-bank lenders to have issued internationally.