Americas

The Province of British Columbia (BC) completed its second Panda bond on Wednesday, raising Rmb1bn ($150.9m) from a three year deal. The issuer went ahead with the deal despite rising yields in China – pushing the coupon to the top half of the guidance range.

Brazilian engineering group Andrade Gutierrez has begun to reduce a looming bond maturity, which is concerning rating agencies, with a tender offer to be funded by cash.

Minas Gerais state power utility Cemig announced its second roadshow of the year the day after signing a R$4bn ($1.23bn) bank loan as it looks to improve its liquidity position via a renewed attempt to sell international bonds.

Broad demand helped Mexico’s Crédito Real price the first perpetual hybrid from a Latin American non-bank lender at the tight end of guidance on Tuesday.

Bond investors will have more sub-sovereign supply from Argentina to enjoy next week after a new borrower announced issuance plans.

Export Development Canada tapped the short end of the dollar curve on Tuesday, with bankers away from the deal suggesting it was likely aided by a slight bump in three year swap spreads.

The US Commodity Futures Trading Commission has once again extended no-action relief to the Shanghai Clearing House, stating that it will not take action against it for not registering as a derivatives clearing organisation.

On Tuesday, American fast food chain operator McDonald’s sold the sixth reverse yankee deal in a month, issuing a long six year tranche and a 12 year tranche to raise €1.2bn.

Property developer Soho China has filed for a Rmb10bn ($1.5bn) medium term note programme with the National Association of Financial Market Institutional Investors, in preparation for its debut deal in the Panda bond market.

China Resource Cement Holdings is making a return to Panda bonds more than a year after its debut in the Mainland’s onshore renminbi market.

The banking arm of Brazilian conglomerate Votorantim will kick off investor meetings later this week ahead of a planned Basel III-compliant additional tier one (AT1) deal as Latin America DCM bankers say that more bank capital trades are on the way.

Mexican non-bank lender Crédito Real is set to price its first perpetual hybrid bond on Tuesday after releasing guidance on Monday.