Americas

A full €2.3bn of bond offerings from seven borrowers hit screens on Monday in the European high yield bond market, following last week's more than €3bn of new bonds despite fund inflows turning negative.

Zurich Insurance Group is reshuffling two of its most senior responsible investment officials, who are moving to new roles.

Millicom International Cellular has added to a growing corporate bond pipeline this week with a 10 year non-call five note, which will be combined with a buy-back.

South American sovereign Uruguay will use some of the proceeds from its Ps31.603bn ($1.1bn) of new 10 year local bonds to buy back nearly $105m of old dollar and inflation-linked notes.

Euro corporate bond issuance returned on Friday after a blank day due to Thursday’s European Central Bank meeting. As the ECB’s president, Mario Draghi, said nothing to unsettle markets, US machinery maker John Deere and Italian oil and gas company Eni both priced deals in euros before the weekend, while Sweden's Akelius Property did the same in sterling.

Sherwin-Williams, the US paint and coatings maker, has issued its debut Schuldschein for €245m. It is the first US company to come to the market this year.

China’s RYB Education is slated to open books on Thursday for its $100m IPO on the New York Stock Exchange, said bankers leading the trade.

Bond markets gave Uruguay’s inflation expectations a vote of confidence and underlined the sublime funding conditions available for EM issuers by piling into the South American nation’s longest ever nominal peso-denominated bond issue.

Pulp and paper producer Suzano Papel e Celulose reopened its 10 and 30 year bonds to the tune of $400m in total on Tuesday, becoming the first Lat Am issuer out of the blocks in September and the first of three pulp and paper companies from Brazil likely to issue this month.

At least eight Latin American corporates are meeting fixed income investors ahead of potential dollar trades next week, with Brazilian credits in particular apparently keen to make up for lost time.

Yankee banks took advantage of favourable conditions and a funding lull from US rivals this week, going for size and diversity as the dollar market snapped back to life after the summer holidays.

The dollar high grade bond market returned to barnstorming form this week following the summer break with a Who’s Who of corporate America tapping the market.