Americas

Those hoping that Monday would bring clarity to the confusion surrounding Venezuela’s debt situation were out of luck as a meeting between the government and some bondholders offered no clues as to the country’s strategy.

Canadian insurance company Manulife Financial Corp kicked off a Singapore dollar-denominated subordinated green bond sale on Tuesday morning local time.

After a long rally in US high yield credit, concerns over tax reform, weak earnings and merger struggles sparked a $2bn outflow from funds tracking the sector last week. Two energy issuers pulled deals during the week, but that did not stop three energy issuers stepping back into the market on Monday.

The City of Buenos Aires is likely to sell a peso-denominated bond to both domestic and international investors mid to late this week, according to a banker with knowledge of the deal.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

Canadian insurance company Manulife Financial Corp has named banks to lead a Singapore dollar-denominated subordinated green bond.

Neither Brazilian pulp and paper company Fibria nor Mexican telco business Axtel were able to price new deals at the tight end of guidance on Thursday as syndicate bankers said a much-needed and predictable market correction had finally begun.

Investors and bond market analysts said that PDVSA, the Venezuelan state-owned oil company, was on the verge of a messy default after making its latest principal payment nearly a week late and in various stages.

Panamanian lender Multibank sold $300m of five year bonds on its first US bond market outing on Monday.

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The dollar bond market was brought crashing down from its high this week, after a poorly received trade from Apple on Monday sent investors scampering to the sidelines in one of the busiest weeks of the year for supply. Oracle restored some order and Johnson & Johnson (J&J) bucked the trend later in the week, but UPS still found the going tough when it came to market on Thursday.

The more we learn, the less we know about what happens next when it comes to Venezuelan debt.