Americas

Latin American DCM bankers are hoping that Transelec’s blow-out bond issue on Thursday will encourage more investment grade issuers from the region to come to market, saying that deal’s success was in part down to the short supply of triple-B corporates in primary markets.

Compañía Latinoamericana de Infraestructura & Servicios (Clisa), the Argentine infrastructure group, will open books on a new seven year bond on Monday, according to a local filing.

National Australia Bank printed its biggest ever dollar trade as investors shrugged off volatility and piled into new issues.

Canadian Imperial Bank of Commerce has tapped its three year sterling covered bond at a tighter spread than it was initially priced and in a considerably larger size than the minimum it had planned.

Bond market participants said that the warm reception for Chilean utility Transelec’s latest issue on Thursday showed that there was huge pent-up demand for EM high grade corporates in a Lat Am primary market dominated by sub-investment grade Brazil and Argentina.

Bond bankers covering Latin America expect the pipeline to continue to grow even after the region’s year-to-date new issue volumes overtook 2015’s full-year total with almost six months still to run.

More than three-quarters of Brazilian airline Gol’s bondholders decided not to participate in a distressed bond exchange designed to alleviate the company’s debt burden, as a rally in the Brazil’s currency improved the issuer’s prospects.

World Bank reopened the SSA market on Wednesday with a $5bn three year dollar deal that met with a rapturous reception from supply starved, but cautious, investors.

The strong run of US corporate bond issuance continued this week as borrowers enjoyed a firm technical backdrop, despite a collapse in US Treasury yields following the Brexit vote.

Mexican microfinance lender Crédito Real has hired three banks to manage an investor roadshow and tender offer as it looks to push out debt maturities.

Argentine lender Banco de Galicia y Buenos Aires will begin meeting investors next week ahead of a proposed Basel III compliant tier two bond issue that would be the first of its kind from the country.

A lack of clarity around margin mandate regulations and compliance requirements has left banks unprepared to comply with approaching uncleared derivative margining deadlines, an industry survey has found.