Americas

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.

UK investment firm Melrose will rely on relationship banks for $1.25bn of debt to support its acquisition of Nortek, as the loan market continues to support deals in the wake of the Brexit vote.

Just 22% of Brazilian airline Gol’s bondholders agreed to a distressed debt exchange after several weeks of discussions, with one credit analyst saying that a rally in the real — and thus an upturn in the issuer’s prospects — meant many investors opted not to accept a haircut on their paper.

The result of the UK referendum on EU membership is likely to encourage Japanese triple-A investors to focus more heavily on US CLO paper, said CLO market participants this week.

Argentine pulp and paper company Celulosa Argentina is getting ready to meet international bond investors ahead of a second attempt to issue cross-border debt, according to a pricing supplement filed on Monday.

Dealers will hold an auction to settle credit default swaps referencing Portugal Telecom International Finance, after the International Swaps and Derivatives Association’s (ISDA's) EMEA Determinations Committee ruled that a bankruptcy credit event had been triggered on the contracts

Argentine infrastructure company Compañía Latinoamericana de Infraestructura & Servicios (Clisa) is meeting fixed income investors ahead of a liability management exercise that highlights the stark improvement in the outlook for Argentine companies this year.

Latin American issuers were flying as high as a Leo Messi penalty this week as the Argentine sovereign capped off a remarkable two days of new issue activity for the region with a $2.75bn dual-tranche bond on Thursday, reaffirming the belief that Lat Am would see little or no effect from the Brexit vote.

The Dominican Republic and Brazilian meatpacker Marfrig jumped on favourable technicals in Latin American bond markets this week to tap, above par, bonds issued earlier this year.