Americas

Moody’s followed Standard & Poor’s in placing Brazil’s credit rating on negative outlook on Friday, but both agencies have reaffirmed Petrobras’ rating as analysts say they expect the state-owned oil company to gain ground on its sovereign parent.

The Province of Buenos Aires gave a taste of the possibilities available in Argentina’s domestic market on Tuesday with an innovative peso bond targeted at international investors that left the province’s undersecretary of finance more than satisfied.

Rating: Baa2/BBB+

Rating: Baa3/BBB

Autopistas del Sol, the concessionaire of Costa Rican highway Globalvia Ruta 27, sold $300m of 13.6 year amortising bonds on Wednesday as Latin America new issue markets continue to function despite political turmoil in Brazil.

LatAm bond market participants said contagion from the latest Brazilian corruption crisis had dissipated this week as new issuance returned to the region and spreads recovered within and outside Brazil.

LedgerX, the US-based trading and clearing platform, has raised $11.4m to help finance the start-up of an options exchange that will trade bitcoin and other digital currencies.

Guarantor: Canada

The stampede by corporate dollar issuers continued into a second consecutive week with Italian energy giant Enel printing the largest ever deal by an Italian corporate in the US investment grade market, and the second biggest Yankee deal of 2017.

With borrowers universally ahead of schedule in their funding programmes but investors hungry for more supply, attention is turning to the market for socially responsible investments. Three agencies hit screens to sell SRI bonds this week, while a fourth is on the road marketing another.

JP Morgan smashed through $15bn of year-to-date TLAC issuance this week as a trio of banks hit the dollar market, ahead of a brief break for Memorial Day holiday.

Autopistas del Sol, the concessionaire of Costa Rican highway Globalvia Ruta 27, sold $300m of 13.6 year amortising bonds on Wednesday as LatAm new issue markets continue to function despite political turmoil in Brazil.