Americas

Ecuador gave as good a show as possible that technicals are outweighing fundamentals in EM bond markets with a new $1bn bond due 2022 just a week after announcing the worst fall in GDP since the introduction of the US dollar as the currency.

Brazilian firm Banco Itaú’s head of Latin American debt capital markets has left the bank, according to two sources.

Fosun International-backed insurer Ironshore is looking to raise some $100m via a US listing in a trade to feature only secondary shares, according to a filing with the US Securities and Exchange Commission.

Empresa Nacional de Petróleo (Enap), the Chilean state-owned oil company, will begin meeting investors on Monday ahead of a planned first dollar bond in nearly two years.

Brazil underlined its re-entry to EM investors’ good books on Thursday with a $1.5bn long 30 year issue that bankers saw as taking advantage of the sovereign’s particularly flat curve.

The province of Chubut’s debut dollar bond, sold on Tuesday, traded well on the break as bankers said demand for Argentina risk was unsated with at least two more provinces lining up issues.

Argentine electricity generation company Albanesi raised prospects of market access for small corporates from the country with a $250m seven year non-call four bond on Wednesday.

Teva Pharmaceuticals had the corporate dollar market in its thrall this week as it took advantage of US corporate earnings blackouts to print a $15bn M&A blockbuster that attracted nearly $70bn worth of orders.

Coveris — Stolt-Nielsen

Canadian Imperial Bank of Commerce this week priced the first negative yielding non-Eurozone covered bond, with a well oversubscribed order book and a tiny new issue concession.

US banks coming out of earnings blackouts provided all the fare in FIG this week, and deals flew to investors who have seen almost no paper since mid-June.

The first sterling senior unsecured FIG deals to hit the market since the Brexit vote brought in astonishing demand, first for a blockbuster £1bn trade from Wells Fargo, followed by a bond from Bank of America Merrill Lynch that brought total sterling issuance to £1.75bn on the week.