Americas

Latin America is one of the most promising fields, both for green economic investment, and for green financing. Powerful players in the region’s capital markets, such as national development banks, are supportive, and the range of issuers is spreading, from renewable energy into sectors such as paper, airports and banks. As Oliver West reports, there is good demand from international investors, but what could help even more is to build up the local market.

Mexican chemicals company Mexichem earned praise from bankers for its bond execution and then showed that it is possible to price tightly and trade up.

One rare and one debut issuer from Latin America are meeting bond investors as bankers say that a quieter couple of weeks of activity is no indication of a slow end to the year.

Petrobras’s latest new issues gradually recovered ground in secondary markets this week as the overhang effect from a huge exchange offer began to wear off.

Dollar borrowers failed to take advantage of pent-up demand and tightening spreads as US corporate bond supply recorded a lacklustre end to the month.

Goldman Sachs couldn’t resist the lure of tight spreads as it hit the dollar market in the run-up to announcing third quarter earnings.

Chilean credit union Cooperativa del Personal de la Universidad de Chile (Coopeuch) joins the ranks of Chilean borrowers welcomed into the Swiss franc bond market. Thursday’s outing further illustrates that the love affair of the Chilean borrower and Swiss buyer not only endures but burns brightly.

It was a week of blistering conditions in the SSA dollar market but the pace of issuance has slowed a little in comparison to the glut that defined the few weeks of September.

Rating: Aa2/A+/AA-

Bank of Montreal (BMO) raised A$800m selling Australian dollar bonds for the first time on Wednesday. The rising flows of Asia Pacific investors is making the Australian dollar market a useful source of diversification for financials and corporates alike.

Singapore-based Sea began pre-marketing a potential $1bn US IPO this week, according to a banker close to the deal.

The National Bank of Canada (NBC) has raised Rmb600m ($90.3m) from a three year bond on September 28, becoming the second Canadian issuer to hit the dim sum market in two weeks.