Americas

Bain Capital is calling on the recent demand for lower rated high yield bonds in Europe to fund the acquisition of US cleaning products supplier Diversey Care.

Bank of America posted higher earnings than expected for the second quarter, offsetting a 14% drop of revenue from its fixed income trading business.

With a few weeks to go before asset managers begin their annual pilgrimage to the globe's beachfronts, the last few borrowers are slipping into the primary market before liquidity evaporates in the summer heat. Nostrum’s trade this week provided evidence of the slowdown in demand for risker credits.

Hong Kong-listed China Resources Land is returning to the Panda market on July 21 after a year-long absence. The company, which is hoping to raise Rmb5bn ($741m), will be the second red chip real estate issuer in two days to price a dual-tranche Panda deal.

Peru’s first ever Euroclearable nuevo sol-denominated bond was bid tighter on Tuesday as the country’s director of financial markets management said he hoped the deal opened doors for the private sector to carry out similar trades.

Colombian non-bank lender Credivalores will wrap up investor meetings on Wednesday ahead of a planned five year bond that could come with a 9% handle, said investors.

Lat Am bond market participants agreed that Argentine state-owned oil company YPF had achieved a tight return to dollar markets on Tuesday as it printed $750m of July 2027 bonds.

JSL, the Brazilian logistics company that has been able to improve its cash flow generation despite Brazil’s worst ever recession, raised $325m of bonds due 2024 on Wednesday on its international bond debut.

Sweden on Tuesday printed a dollar benchmark at one of the tightest spreads to mid-swaps from a public sector issuer this year, as a Canadian province prepared to bring a deal in the currency further out the curve.

Thermo Fisher Scientific put a big dent in the debt it needs to raise to buy Patheon on Tuesday with a €2.6bn four tranche corporate bond offer.

Questions have arisen, after S&P dumped Chile’s banks’ double-A ratings, as to whether this marks the end of the affair with the country for Swiss investors too. With two banks slashed to single-A, Swiss Bond Index rules could stunt the blossoming relationship between Swiss investors and Chilean FIG debt.

British Columbia has hired Bank of China (BOC) for its second Panda deal, GlobalRMB has learned. Meanwhile, Hungary has chosen BOC and HSBC for a long-awaited Panda debut with a prospectus expected on Friday.