Americas

Argentine real estate company Raghsa is meeting international investors ahead of a planned $150m issue of senior unsecured notes due 2024.

Blue-chip names tapped the US investment grade market in size this week as corporate supply ended February on a high with borrowers jumping in ahead of president Trump’s debut speech to Congress.

Latin American new issue markets enjoyed a quiet week with as carnival celebrations replaced the debt party with which the region started the year, but Brazilian issuers look ready for a swift return to market mode.

Corporate borrowers are taking advantage of rising political worry among investors by issuing short dated floating rate notes in euros which stand a good chance of bearing negative yields, write Michael Turner, Ross Lancaster and Jon Hay.

Lat Am bond investors are keeping a close eye on Venezuelan state-owned oil giant PDVSA in the run-up to the company’s next amortisation payment in April, with the source of funds used for the payment set to provide important clues as to the likelihood of default.

American Express led a steady flow of issuance from financial names as supply marched on at a record breaking pace this week, driven by insatiable investor demand.

The March 1 deadline for the implementation of variation margin requirements has passed, leaving financial end-users and dealers feeling the heat.

Mexican autoparts manufacturer Nemak will begin a roadshow next week ahead of a planned euro-denominated bond debut, looking to become the third Mexican issuer of 2017 — and the third in euros.

Landlocked South American sovereign Paraguay is likely to return to international bond markets early this month after nominating Bank of America Merrill Lynch and Citi to run its next debt sale.

BlackRock has received the very first RMB qualified foreign institutional investor (RQFII) quota under the US allocation from the State Administration of Foreign Exchange, in yet another sign that global asset managers are ready to boost their China investments.

US car rental company Avis Budget Group called in on European investors on Wednesday with a refinancing that extended a busy pipeline of reverse Yankee high yield deals in euros.

Mexican cement company Cemex said on Tuesday that it would buy back $475m of existing dollar bonds after receiving a strong response to its proposed tender offer.