Americas

The market reaction to the UK’s surprise decision to leave the European Union has been immediate with stocks falling, the pound weakening and the country downgraded by international rating agencies. But market participants are worried that the worse has yet to come and London could be set to lose its shine as a premium renminbi hub.

Brazilian state owned lender Banco do Brasil will buy back 12.5% of its 9.25% perpetual bonds after a tender offer was oversubscribed during the early bird phase.

US and Asian regulators should hold fire on imposing margin rules on uncleared swaps to allow Europe to catch up, said the International Swaps and Derivatives Association (ISDA).

Argentina’s confectionary maker Arcor is tomorrow meeting investors in the US and London to market a $300m offering, the only active high yield deal that European investors can consider in the week after the UK's Brexit vote.

The UK’s vote to leave the European Union on Thursday put paid to at least two bond announcements in Latin America but traders said the reaction in secondary markets was nowhere near as brutal as expected.

Brexit is here, and so is our round-up! This week: Fullgoal Asset Management launches its first RMB ETF in Europe, the Hong Kong Exchange runs further Shenzhen Connect testing, and China announces direct trading of the RMB against the Korean won. Plus, a recap of our coverage this week.

Japan’s Honma Golf is planning a Hong Kong IPO under sole sponsor Morgan Stanley, according to its draft prospectus.

Several Latin American borrowers are lining up bond roadshows, undeterred by the UK’s vote to stay or leave the European Union, to add to the six names already in the visible pipeline.

Brazilian telecoms giant Oi filed for bankruptcy this week, after the company refused to meet bondholders’ demands for a restructuring that would have seen creditors take a 95% share of the company.

Canadian-Colombian oil company Pacific Exploration & Production has raised $500m of debtor-in-possession (DIP) financing from certain existing bondholders and private equity firm Catalyst Capital as it looks to wrap up a restructuring of its debt, including $4bn of bonds.

A slump in high-grade issuance has prompted fears of a prolonged slowdown in US corporate bond supply, with borrowers shelving their funding plans until the autumn.

Mizuho has hired Christopher Nam for its West coast technology investment banking team, a big part of the bank’s US expansion drive.