Americas

British American Tobacco is expected to bring the week-long run without any new corporate bond issuance to an end later this week. The UK based tobacco company could issue in dollars, euros and sterling.

Argentine company MSU Energy is considering approaching international bond markets for the first time, credit analysts in Buenos Aires say.

Verizon Communications launched its first Australian dollar bond on Thursday. The four tranche deal is the largest corporate bond in the currency this year, raising A$2.2bn ($1.75bn) when it was priced on Friday.

The dollar FIG market took a breather after recording the busiest July on record amid red-hot market conditions.

Two Panamanian companies sold rare bonds from the country on Tuesday, taking advantage of pricing off one of the tighter sovereign curves in Latin America.

Mexican broadcaster TV Azteca achieved impressive size and pricing and a strong secondary market performance when it sold its first bond in four years this week, brushing off investor concerns about its history and potential low liquidity.

The Republic of Colombia found conditions too good to resist this week, raising $1.4bn of 10 year bonds on Wednesday to complete its international funding for the year and prefund some $900m of next year’s needs.

The dollar market got off to a busy start in August with US telecoms heavyweights Verizon and Comcast taking home a combined $5.5bn on the back of strong demand.

Gilt yields dropped on Thursday after the Bank of England’s Monetary Policy Committee voted 6-2 to hold the Bank Rate at 0.25% — a higher majority than the 5-3 in favour of holding at its last meeting in June. The more dovish result came after weeks of hawkish noises emanating from the central bank. Meanwhile, the Province of Alberta returned to the sterling market to tap its debut issue from earlier this year.

Discovery Communications has agreed a $9.6bn bridge loan for its $14.6bn cash and stock acquisition of fellow US media corporation, Scripps Networks Interactive, as recent mergers and acquisition deals push US loan volumes up.

Verizon Communications launched its first Australian dollar bond on Thursday. As with its Swiss franc issuance in March, the US firm is aiming to further diversify its lending base.

The US student loan market is in bubble territory. At $1.3tr, it is the country's second largest consumer debt segment after residential mortgages. Yet, even though 44m Americans are saddled with student debt, at an average of around $37,000 per borrower, student loans are more a drag on economic growth than a disaster waiting to happen.