Americas

The corporate bond market started the week on the front foot with a triple tranche reverse Yankee from US pharmaceuticals company McKesson that is expected to pave the way for similar issuance.

Brazilian oil giant Petrobras has wrapped up a tender offer that ended up far larger than planned, after bondholders owning $5.57bn of paper agreed to sell their notes.

Privately held power generation company Stoneway Capital Corporation, which includes Siemens among its partners, sold $500m of 10 year bonds at a yield of 10% on Friday.

BC Partners has hired the former president and chief investment officer of Apollo Investment Corp to head its own newly opened credit platform.

Bad weather in New York left trading volumes in Latin American bond markets low on Thursday, and Lat Am primary may also now find activity cooling despite a seemingly relentless wave of Argentine borrowers looking to tap the market.

Argentina’s largest province, Buenos Aires (PBA), saw its bonds trade up the day after it raised $1.5bn of five and 10 year bonds.

Lat Am bond bankers said that Brazilian mining giant Vale had found the perfect window to tap its dollar bonds due 2026 on Monday — some four months after it had mandated banks for the trade.

Peruvian mortgage lender Fondo Mivivienda sold Nuevo sol-denominated bonds to international investors on Tuesday in a rare local currency trade from Latin America, as the issuer looks to turn much of its debt to soles in the future.

See how market participants rated Ontario's $2.5bn five year and FADE's €1bn March 2022 bond.

US banks returned to the dollar market with quick-fire trades, exploiting tightening in spreads on hopes that US president Donald Trump will loosen regulation in the sector.

The dollar high grade market slowed to a subdued pace this week following the bonanza of the previous one as corporates with funding needs lined up their documentation after reporting earnings.

Sidera Funds has launched a new investment sub-fund that tracks euro and US high yield indices from Bank of America Merrill Lynch, but goes beyond geographies and currencies.