Americas

HSBC followed through on its plans to issue loss-absorbing debt from its holding company on Wednesday, putting a big dent in its issuance targets with a $7bn deal.

Brazilian cement company Votorantim Cimentos is looking to buy back up to €350m ($380m) of debt, using the proceeds of a cash injection from its holding company to become the latest issuer to take advantage of the poor performance of Brazilian bonds.

European corporate bond issuance is finally picking up. Since mid-February, weekly issuance has at last got up to, and sustained, the €7bn-€8bn run rate that last year the market managed right from the off in January.

Warburg Pincus is offloading shares in US-listed China Biologics Products via a block that could raise up to $385m.

Solera Holdings, the Texan car and property insurance claims processor, priced its $3.9bn acquisition debt package in line with revised guidance, after reshaping the debt structure in response to weak investor demand.

Fomento Económico Mexicano (Femsa) has mandated three banks for its debut euro denominated bond, which it will roadshow next week around the European Central Bank policy meeting.

Bankers and analysts were confident that Argentina will find the demand it needs for a triumphant return to international capital markets after the mediator in its debt dispute said that the 15 year legal battle between the country and leading holdout creditors is nearing a solution.

Argentina’s nearing return to international bond markets after more than 15 years away could drive the Province of Buenos Aires to get its bond funding out the way as soon as possible to avoid clashing with the up to $15bn of sovereign supply in the pipeline.

IBM wasted little time after its $5bn five tranche trip to the dollar market a fortnight ago, moving to tap the euro market for a €2.25bn triple trancher this week.

Solera Holdings’ $3.9bn debt acquisition package has been reduced, following insufficient demand for the $2bn-equivalent bond’s euro tranche.

Toronto-Dominion Bank followed its quarterly earnings report with a deal on Monday, paying up versus floating rate and dollar formats to extend its euro fixed-rate senior curve with a five year transaction.

The financial services arm of US automaker Ford has picked two banks to arrange a potential bond denominated in Singapore dollars.