Americas

Credit Suisse is the sole underwriter of a bridge facility for Galenica's $1.53bn acquisition of US biopharmaceuticals firm Relypsa, the acquirer said on Thursday.

Rating agency Standard & Poor’s said this week that global credit markets are poised either for a "slow burn" of deteriorating market conditions or something even worse: a credit exit, or "Crexit" — where a major economic or political shock triggers a shutdown of global markets altogether.

Argentine electricity generation company Albanesi raised $250m of seven year non-call four bond paper on Wednesday in the highest-yielding issue to have emerged from the country this year.

Morgan Stanley reported profits of $1.6bn for the second quarter of 2016 compared with $1.8bn in the prior year quarter.

US packaging firm Coveris is hoping to join a rush of transatlantic issuance, as it marketed a $350m dollar and euro denominated loan over a lender call on Wednesday.

Predictions that the Argentine province of Chubut’s debut public dollar bond would trade well were proven correct on Wednesday as bankers said demand for Argentina risk was unsated despite large new issue premiums.

Persistent dislocations between the CDS and cash bond markets are only likely to continue, because of the increased cost of regulations, limited balance sheet capacity at banks, and relative illiquidity in the cash bond markets, according to a staff report from the New York Federal Reserve.

With its $15bn of new bonds ratcheting tighter, Israeli-American pharmaceutical company Teva has set out the structure of the euro part of its M&A bond financing for the acquisition of Allergan's generic drugs business.

Bank of America Merrill Lynch kept pace with JP Morgan and Citi in the second quarter earnings announcements, with profits up across all four divisions, and especially so in the banking and markets divisions.

Mizuho Americas has hired Thomas Harnett as senior managing director and head of fixed income sales and trading.

US territory the Commonwealth of Puerto Rico has triggered a failure to pay credit event, the International Swaps and Derivatives Association’s Determination Committee has ruled after a week of deliberation.

Argentine infrastructure group Clisa (Compañía Latinoamericana de Infraestructura & Servicios) will buy back at least 80% of its 11.5% bonds due 2019 after receiving a strong response to a tender offer.