Americas
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In a deathly quiet week for Latin America’s bond markets, the Province of Buenos Aires announced plans for its first euro-denominated bond issue for more than 15 years, as Argentina continued to provide the bulk of the region’s supply.
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Mexican microfinance lender Financiera Independencia (Findep) began fixed income investor meetings on Thursday as it looks to sell up to $250m of dollar-denominated bonds.
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Equity volatility in the US and Europe has been limited in the past month as geopolitical risk from European elections has faded, but US corporates could be heading to trouble. -
US corporate bond issuers remained on the sidelines this week, as the second half of the year began on a subdued note after the July 4 holiday weekend.
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After two days of no euro denominated corporate bond issuance, National Grid North America came with a rare corporate bond transaction on Wednesday. Pricing for the seven year deal moved in 25bp from the wide end of initial price thoughts (IPTs) in a trade that bankers away from the deal praised.
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Argentina’s largest province will begin investor meetings on Friday ahead of a planned euro-denominated bond sale, according to DCM bankers close to the deal.
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National Grid North America came with a rare transaction on Wednesday, dragging pricing in 25bp from the wide end of initial price thoughts in a trade that bankers away from the deal praised.
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Argentine electricity utility Transener (Compañía de Transporte de Energía Eléctrica en Alta Tensión) has approved a bond of up to $500m, according to a regulatory filing on Tuesday.
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One of Argentina’s strongest corporate bond issuers, Cablevision, signed a preliminary agreement to merge with rival Telecom Argentina over the weekend, and one analyst said it could lead to issuance in the cross-border bond markets.
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A loan of around $400m for Indian data analytics firm Mu Sigma is open for retail participation after a successful senior phase when seven lenders joined the deal.
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Bond investors showed they had no trouble taking on Mexican risk last week, and microfinance lender Financiera Independencia (Findep) could be the next borrower from the country to take advantage of friendly funding conditions.
