Americas
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The Government of Belize has again extended the deadline for a consent solicitation aimed at easing its debt payment burden, but is yet to improve its offer to bondholders.
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Mexican oil giant Pemex and north African sovereign Tunisia both used the euro market for diversification plays this week, though the differing receptions each received highlighted the difficulties faced by EM high yield borrowers using the currency. Olly West and Virginia Furness report. -
Central American development bank Cabei re-opened its Australian dollar bonds for a further A$65m ($50m) on Thursday in its second outing in the Kangaroo market.
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The Province of Alberta's first ever sterling bond exceeded the "wildest expectations" of leads and onlookers. The deal demonstrated the strength of the sterling market and is likely to encourage the issuer's peers to follow suit.
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Novartis made its first trip to the dollar market since 2015 as it took home $3bn this week amid a clamour for high grade paper and an increasing likelihood of a Federal Reserve interest rate rise coming as early as next month.
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A trio of Wall Street titans topped up their funding needs this week, taking advantage of favourable funding conditions as they continued their run of issuance to meet upcoming capital requirements.
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The first ever sterling bond from the Province of Alberta arrived on Thursday, surprising onlookers and participants alike by breaking the size record for a Canadian province sterling deal. The trade's success is expected to give the issuer's peers the confidence to follow suit.
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Investment houses BlueBay in London and Brandywine in Philadelphia have joined this week a recent spate of high yield portfolio managers growing new funds beyond a specific regional focus.
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The Argentine province, La Rioja, was looking strong reception after releasing initial price thoughts of 10% for a planned eight year (6.5 year average life) bond on Tuesday, despite some investors expressing their fatigue at the number of Argentine provincial issuers to have brought deals.
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The Province of Alberta is set to make its debut in sterling on Thursday, in a move which may pave the way for its peers to follow suit.
