Americas

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.

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.

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.

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.

CEEMEA primary markets have finally become a victim of the summer heat but there’s no snoozing on the beach for syndicate bankers. Planning for the second half of the year has already started in earnest.

Caribbean island nation Jamaica is planning to issue a new long dated bond to buy back short term debt on Thursday as it looks to take advantage of highly liquid new issue markets and the strong performance of its existing bonds.

The province of Chaco is set to provide a test of demand for Argentine credit with a dollar issue on Wednesday, as bankers and investors acknowledged that favourable market conditions gave the province a good chance of a successful deal despite challenging fundamentals.

Tullett Prebon has teamed up with GMEX Group to launch a hybrid voice and electronic trading platform for foreign exchange options.

Veritas Technologies on Tuesday began marketing a €580m-equivalent secured bond, the last leg of the debt package that supports its acquisition by private equity firm Carlyle — and that investors rejected in November 2015.

Human resources company Randstad will draw down on its existing credit facilities to fund its acquisition of Monster Worldwide, a recruitment service connecting employers and potential employees. The $429m merger could mark the end of a highly acquisitive period for the Dutch group, as the company vowed to limit further M&A spending.

Latin America’s most frequent sovereign borrower scored two record yields on Monday as technical factors continue to govern investors' behaviour.

TriOptima and the Chicago Mercantile Exchange have completed the first triReduce multilateral compression cycle for cleared Mexican peso interest rate swaps, in what they said was also the first compression in a cleared Latin American currency.