Americas

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.

South Africa's Steinhoff is lining up $3.8bn in loans to buy bedding retailer Mattress Firm. The acquisition will give the retailer a foothold in the US consumer market.

Mexican government owned lender Bancomext’s latest bond traded up on the break on Friday as Latin American new issue markets continue to benefit from huge inflows into EM bond funds.

Tullett Prebon has bought a long term licence to use CME Group's hybrid voice/electronic trading technology, adding to the interdealer broker's other recent hybrid expansion initiatives.

UBS reopened the additional tier one market for the first time since Brexit this week, taking advantage of highly supportive conditions in the dollar market. With the asset class ever more supported by regulators, further issuance could be imminent.

A welcome trio of non-Argentine corporate issuers provided variety to the Latin American new issue market this week, with all three achieving the rare distinction of being praised by DCM bankers both for their timing and for not pushing investors too hard on pricing.

The Central American Bank for Economic Integration could return to benchmark issuance in 2017, after this week selling $72m-equivalent of green paper to Japanese retail investors in its first ever SRI transaction.