Americas

Argentine finance minister Luis Caputo said that Argentina would issue two further international bonds in 2017 although it will likely avoid the dollar market, where it has raised over $9.5bn of funding so far this year.

Investors bought into attractive yields from triple-B rated issuers that jumped into the US corporate bond market ahead of the Fed’s well flagged announcement that it would reverse quantitative easing.

Mexican cement company Cemex and Chilean electricity name Colbún both launched tender offers of existing bonds this week, planning to buy back old notes with cash.

Canadian car parts maker Magna International and French property company Gecina both priced 10 year deals in the European corporate bond market this week. Magna had waited two years since its last euro issue, Gecina just three months.

Chinese logistics firm Best, which counts Alibaba Group Holdings among its shareholders, raised $450m from its US IPO this week, chopping the deal by half to get it over the finish line.

A strong aftermarket performance by the latest debut international bond from an Argentine province should encourage more local governments to follow suit.

Corporate issuer debuts and long awaited sovereign market returns have given emerging market investors an array of trades to look at this week, surprising some who thought they were in for little more than watching the US Federal Open Markets Committee meeting on Wednesday.

Chinese logistics firm Best raised $450m from its US IPO this week, slicing the deal size by as much as half.

Mexican cement company Cemex will look to buy back as much of its 9.375% senior secured 2022s as possible after announcing a tender offer for the bonds.

Mexico chemicals company Mexichem is planning a return to international bond markets, according to syndicate bankers, as part of its acquisition of Israel drip irrigation firm Netafim.

Central American development bank Cabei’s acting head of capital markets is moving to Washington, DC to become lead funding officer at the Inter-American Investment Corporation (IIC) in the treasury division.

Jefferies' dreary third quarter trading results were buoyed by a record performance in its capital markets division.