Americas

The World Bank’s debut IMF special drawing rights (SDR) bond — dubbed a Mulan bond — is an acknowledgement of China’s success in reforming the renminbi, George Richardson, the organisation’s director and global head of capital markets, told GlobalRMB.

The unpredictability of economic policies in the US and Europe, paired with increasing default rates, could hit investors in the US high yield market, said Markov Processes International on Tuesday.

Colombian oil company Pacific Exploration & Production’s board of directors said on Monday night that it continued to prefer Catalyst Capital’s original restructuring proposal, which could be approved in a Canadian court on Tuesday, to an alternative bid made last week.

Pesquera Exalmar, the Peruvian fishmeal farm, has extended the deadline of a tender offer and consent solicitation on its 7.375% bonds due 2020 from August 19 to August 30 as it seeks bondholder approval for a new senior secured loan.

The Province of Manitoba has printed ¥6bn ($59.3m) of 30 year paper, equalling the province’s longest ever note in the currency.

Mary Ann Deignan, global co-head of equity capital markets at Bank of America Merrill Lynch, has resigned to join Lazard.

Mexican government-owned development bank Nacional Financiera (Nafin) will announce a green bond in Mexican pesos at the end of the month, which will aim to raise up to Mp2bn ($109m) to finance renewable energy projects.

A last minute bid by O’Hara Administration to interrupt Colombian oil company Pacific Exploration & Production’s restructuring with Catalyst Capital offers sweeter terms for creditors but may struggle to find support among bondholders.

Bondholders are confident that a late attempt to derail Colombian-Canadian oil company Pacific Exploration & Production’s planned restructuring with Catalyst Capital will not succeed, after creditors this week overwhelmingly approved the proposed reorganisation.

Bankers and investors see no signs of cooling in Latin American bond markets, as hefty inflows continue to leave technicals firmly in the favour of issuers.

Demand for subordinated debt in dollars has been unrelenting this summer, and has shown few signs of fading. As Europe’s banks look ahead to a busy September in the euro market, there is more than enough motivation for issuers to give dollars one last hurrah, writes Tyler Davies.

The International Swaps and Derivatives Association and PricewaterhouseCoopers were among those wading in with suggestions this week as regulators sought consultation on how best to install a framework to resolve failing central counterparties (CCPs).