Americas

The US District Court for the Northern District of Illinois has fined Igor Oystacher and 3Red Trading $2.5m for spoofing, but did not impose a jail sentence or market ban.

Brazilian steel company Usiminas has extended the deadline for bondholders to waive the negative pledge covenant in its 7.25% dollar-denominated bonds due 2018.

The European subsidiary of US commodity trader Louis Dreyfus Company has extended the tenor of its European revolving credit facility and increased the deal by $200m, though the borrower did not tighten pricing on the loan, according to a lead banker.

Första AP Fonden, the Skr300bn government buffer fund of Sweden’s national pension system, is planning to diversity its high yield allocation in favour of the European and global high yield markets.

The return of new issuance to Latin America earlier this month means 2016 is set to end as the second largest year ever for new bond issuance in Latin America. And bankers are confident the numbers can continue to grow next year — despite external headwinds.

The stream of dollar issuance from European non-investment grade companies may thin in 2017, market participants believe, as central banks in the US and Europe further diverge their monetary policies.

Brazilian telecoms giant Oi said on Monday morning that it would “carefully analyse” a restructuring proposal by bondholders after meeting Moelis, which is representing creditors, and a potential new investor on Friday.

YPF, the Argentine state-owned oil and gas company, could return to bond markets next year after a busy 2016.

ICE Benchmark Administration, a unit of Intercontinental Exchange, is to assume the secretarial role on the credit derivatives determinations committees previously held by the International Swaps and Derivatives Association.

Australian casino tycoon James Packer sold his stake in Melco Crown Entertainment, his Asian joint venture with Hong Kong magnate Stanley Ho, in a $669.9m overnight bookbuild on Thursday.

Years of sub-par growth may finally hurt the ratings of Latin America’s two strongest economies, after Fitch placed Mexico and Chile’s ratings on negative outlook.

EM bond investors appeared unalarmed by the doom and gloom that rating agencies cast upon Latin American corporates this week.