Americas

Energy company Genneia has become the first Argentine company to tap international bond markets this year with a tap of its existing bonds that bodes well for a likely debut from its peer SMU Energy later in the week.

Onshore investors forced red chip issuer Country Garden Holdings to pull a Rmb1.8bn ($281.2m) three year bond on Tuesday. It would have been the real estate company’s first deal in the Panda market since September 2016.

Shenzhen International Holdings has raised Rmb300m ($46.9m) from a five year non put three Panda bond. The deal, which marked the issuer’s first outing in the asset class, was also the first Panda to list in the exchange market in 2018.

Public sector borrowers wrapped up a trio of short end dollar trades on Tuesday, with the tightest issuer able to grind in pricing to the lowest level from an SSA this year and the higher yielding names finding ample demand despite ending up at similar spreads. SSA bankers are confident that the strong conditions will also ring true at the long end for KfW, which has mandated for its first 10 year dollar benchmark in nearly three years.

The Securities and Exchange Commission and the Commodity Futures Trading Commission have hardened their stances on cryptocurrency markets, amid wider market concerns about initial coin offerings and the launch of bitcoin futures.

Dalian Wanda Group has mandated banks to start work on a possible IPO of its sports assets, said sources close to the matter.

Chilean lender Banco del Estado de Chile (Banco Estado) returned to the Aussie dollar market last week with a A$40m ($31.9m) trade.

Volumes in the US high yield market were given a boost on Monday from a $2.5bn dual tranche deal from T-Mobile, which the mobile operator will use to refinance old debt.

Public sector borrowers are pouring into the three year part of the dollar curve after a series of issuers printed strong deals in the tenor last week.

The Index Industry Association on Monday revealed that its members administered about 3.29m indices around the world, with more than 95% of those referencing equities.

Investment grade loans bankers are ready to stump up big tickets for bridge loans, and deals are coming their way. Sanofi, the French pharmaceutical group, is readying an $11.6bn debt-financed acquisition of Bioverativ, the blood disorder treatment company, and banks are set to launch at least one other M&A loan into syndication this week. Michael Turner reports.

Sterling covered bond supply so far this year has been high but Toronto Dominion Bank showed on Monday that demand was also plentiful, as it issued another tightly priced transaction with a strong book.