Americas

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.

Bonds markets in Latin America were firmly in holiday mode this week but syndicate bankers appeared bullish about issuance prospects for 2017 after the region brushed off the US rates hike.

After a fall in 2016 supply, the allure of euro bonds for US issuers looks to be set on a path of relative decline, as the market loses its technical shine and faces the prospect of cash repatriation for corporate America.

Another piece of next year’s equity capital markets issuance puzzle was turned over today, when Lonza, the Swiss pharmaceutical and chemical company, announced a Sfr3.3bn rights issue to pay for the acquisition of Capsugel from KKR.

United Healthcare Group became the first dollar issuer to jump into the market after the US Federal Reserve’s hawkish hike led to a sell-off in Treasuries amid predictions that 2017 could prove to be a more subdued year for high grade supply.

It’s that time of year when analysts dust off their crystal balls and make predictions for the next 12 months. In December 2015 not many were forecasting that Britain would vote to leave the EU, and even fewer were betting on a Donald Trump presidential victory, so investors would be wise to treat such missives with caution. Political risk is a capricious beast, even for the most seasoned market observers.

While the US Federal Reserve surprised nobody with its 25bp rate hike, an aggressive timeline for future increases has driven 10 year US Treasury yields to exceed their 2016 record.