Americas

After completing a roadshow last week, US orthopaedic reconstructive products producer Zimmer Biomet made its debut in the euro bond market on Tuesday with a dual tranche transaction.

Things may finally be looking up for Odebrecht Engenharia e Construção (OEC), the engineering and construction arm of Brazilian conglomerate Odebrecht, after it came to a leniency agreement with Brazilian, US and Swiss authorities regarding its involvement in the Lava Jato corruption scandal.

China's Baozun opened books on Monday morning for its first follow-on offering since its Nasdaq IPO in May last year, and is looking to raise around $85m.

Market participants should move to standardised collateral and terms to address variation margin requirements, the International Swaps and Derivatives Association (ISDA) has said, with many counterparties needing to amend, replace or introduce credit support annexes ahead of the March 1 deadline.

Volume figures released by major derivative exchanges for November show a marked rise over October's numbers, with some exchanges reporting record volume days in the aftermath of the US election.

US coatings manufacturer Axalta's euro and dollar term loans allocated this week, with 10 other leveraged loan deals expected to close in the next two weeks.

Chilean retailer SMU appears to be putting the worst of its financial troubles behind it as Moody’s granted the borrower another rating upgrade.

Latin American issuers again showed no interest in cross-border new issue markets this week as Mexican retailer and financial services company Grupo Elektra said it would use domestic bonds to prepay dollar bonds.

Pulp and paper producer Suzano has sold its second green bond and the first in Brazil’s domestic markets.

PDVSA is doing itself no favours by bending the truth about its financial situation. Bondholders are under no illusions about its troubles, so the company might as well be open with them.

A trio of Wall Street heavy-hitters plundered the dollar market as December got off to a flyer in the countdown to year end and a probable rate rise.

A pair of public sector borrowers hit screens this week for dollar syndications, providing an unexpectedly strong climax to 2016.