Americas

Investors scrambled for yield in the dollar bond market this week as Concho Resources printed its debut investment grade offering amid nearly $19bn of other corporate offerings.

Bank of America led a flurry of issuance from big-name financials which defied predictions by tapping the dollar market in advance of third quarter results to get ahead of next week’s Federal Open Market Committee meeting.

Commodity Futures Trading Commission chairman Christopher Giancarlo's warning to Europe against taking “unilateral” action in changing rules tied to G-20 commitments made in 2009 is right. While there are concerns about the future regulatory relationship between the United Kingdom and the European Union, derivatives clearing is a global issue.

RYB Education’s IPO on the New York Stock Exchange is off to a strong start, with the $140m deal covered on the first day of bookbuilding.

Harvest Operations Corp, a Canadian oil and gas company, began marketing a dollar bullet on Thursday that is backed by its parent, Korea National Oil Corp (KNOC).

Wynn Macau raised $1.35bn from the bond market on Wednesday, finding support from both Asian and US investors thanks to a turnaround story in the Macau gaming industry and the issuer’s improved financials.

Peruvian electricity generator Fenix Power Perú, which is operated by well-known Chilean firm and bond issuer Colbún, sold its first ever international bond in a busy day for Lat Am markets on Wednesday.

Argentina’s most north-western province became the 15th regional or municipal government in the country to issue international bonds on Wednesday as Jujuy raised $210m of green bonds due in 2022.

Five Latin American borrowers sold dollar-denominated bonds on Wednesday, bringing the total number of issuers from the region this week to nine, with mobile and cable company Millicom first out the blocks.

Klabin became the third Brazil pulp and paper producer to sell green bonds on Tuesday, squeezing pricing more than 40bp from initial price thoughts.

Peruvian plastic packaging company San Miguel Industrias sold seven year bonds below 5% on Tuesday, with the yield achieved by the Peruvian company particularly impressing bankers.

Money managers say that blended products are the most efficient way to invest in emerging markets as cross-asset class total return funds trump those with a sole focus.