Americas
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One of Argentina’s poorest provinces, Chaco, had some bankers and investors eating their words after it sold $250m of bonds on Wednesday and found enough residual demand to trade up by 50-75 cents on Thursday. -
Chilean state-owned lender Banco del Estado de Chile raised ¥15bn ($147m) in 10 year bonds this week through a tap of its 'women bonds' initially issued in June.
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The dollar market for public sector borrowers is showing remarkable disdain for bankers’ summer holiday plans, with a trio of deals printed across the curve during the usually quiet days of August. But this week’s long dated deals are unlikely to signal jumbo 10 year dollar benchmarks’ return from a long vacation.
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Tullett Prebon has extended its land grab in hybrid voice brokerage across trading classes, with a foreign exchange platform launch this week adding to recent manoeuvres in other areas such as rates and credit derivatives.
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Dovish actions taken by the Bank of England last week, particularly its sterling corporate bond buying programme, helped send short dated credit and equity implied volatility near to their post-crisis lows, prompting traders to begin to roll out of short volatility trades and size up potential bumps in September.
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The Province of Alberta is seeking to bolster its following among US investors by becoming a Securities and Exchange Commission registered issuer — a process it aims to complete in September.
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Jamaica announced initial price thoughts of 7% for a reopening of its 8% 2039 bonds on Wednesday as it looks to raise funds to finance a tender offer for its 2017s and 2019s.
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The province of Chaco, one of the poorest in Argentina, sold $250m of bonds with an average life of seven years on Wednesday and then saw them edge upwards on the break despite scepticism from market participants about the borrower’s credit quality.
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One of the longest running and most painful sagas in global leveraged finance came to an end this week when high yield investors on Wednesday accepted Veritas Technologies’ €600m-equivalent secured seven year non-call three senior bond eight months after it was first launched. Victor Jimenez reports.
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FMS Wertmanagement printed $2bn of bonds on Wednesday for the first time since November 2013 and only the fourth time in its history, as rampant demand in the currency showed no signs of letting up.
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Two weeks into August and the anticipated summer slowdown is still not that slow, with big name borrowers continuing to test both the investment grade and high yield bond market, as well as bringing leveraged loans.
