Americas

The dollar market for bank and financial issuance has recorded its first week of zero supply in 2017, but still smashed records for the busiest quarter of all time.

The largest McDonald’s franchise operator in the world attracted a super-sized $2bn of demand for a deal of just $265m on Thursday as investors said the allocation bun fight left them wanting more Big Mac bonds.

Chilean-Brazilian Latam Airlines is likely to be at the centre of a rush of corporate bond supply from Latin America next week after Standard & Poor’s praised the company’s cost-cutting efforts.

US aircraft component maker Rockwell Collins re-opened the dollar market with the biggest deal in its history and propelled high-grade issuance to its busiest first quarter on record.

Colombia-headquartered lender GNB Sudameris returned to bond markets after a four year absence on Wednesday, tightening pricing on a 10 year non-call five tier two bond.

RVX Asset Management, the Florida-based investment manager, has hired Todd S Jessup to be director of institutional client services, it said.

CPPIB Capital is looking to step across the Atlantic into euros, selecting four banks to roadshow its euro debut. Elsewhere, the European Financial Stability Facility (EFSF) sent out its first request for proposals for the second quarter.

With big, powerful rivals including the syndicated loan market, the European private placement or Euro PP market has its work cut out to establish itself as a genuine alternative for companies looking to raise debt. However, its flexibility and growing institutional investor base mean there are plenty of grounds for optimism. Philip Moore reports.

Those who work in the US private placement market, as it is often referred to, say this is a misnomer. They prefer ‘traditional’ or ‘global’ private placement market and, while the European challenge may be increasing, the numbers suggest they have a point. Richard Metcalf reports.

While the large US insurance companies remain the bedrock of the US private placement investor base, slim pickings elsewhere in the capital markets are pushing other kinds of investors to look at the product. But with demand for paper already far outweighing supply, market participants do not necessarily see this as a boon. Richard Metcalf reports.

The role of the US private placement market in infrastructure project finance has expanded in recent years as investors have become more accommodating, competing with traditional sources of project finance in an effort to place vast amounts of capital amid scarce supply and low rates. Richard Metcalf reports.

Chilean pulp company Empresas CMPC could look to issue its first international bond in two and a half years this week after wrapping up investor meetings on Wednesday.