Americas

Warren Buffett’s Berkshire Hathaway printed the biggest M&A deal since AB InBev’s jumbo deal in January with a $9bn multi tranche offering that attracted a massive order book and underscored the dramatic turnaround in the fortunes of the US high grade market.

Hutchison China MediTech’s (Chi-Med) $100m IPO on the Nasdaq was oversubscribed three days into bookbuilding, even as bankers pinned their hopes on a select group of US funds.

Tata Steel is speaking to banks for a $600m loan to refinance debt related to its Canadian operations, GlobalCapital Asia understands.

Cemex tightened its latest deal by over 50bp from initial price thoughts as the Mexican cement company was rewarded for a conservative starting strategy with a well-oversubscribed book.

Latin American debt bankers could not hide their delight on Wednesday evening after a remarkable day in new issue activity that included two heavily oversubscribed deals from high yield issuers that traded up in the grey.

State-owned oil giant Pemex became the second Mexican company to raise euro denominated debt this week, following the same strategy it took in dollars earlier in the year by focussing on the short end of the curve.

Far from a signal of returning strength in commodities, this week’s iron ore surge was due to freak activity in derivatives markets, an analyst has claimed, since daily futures volumes were equal to the annual output of big iron ore producers.

Berkshire Hathaway drove a pre-ECB meeting rush of issuance on Wednesday as the conglomerate wasted no time following its giant seven tranche bond issued in the US market on Tuesday.

Emerging market investors have plenty of opportunity to pick up corporate debt this week with Mexican oil and gas giant Petroleos Mexicanos (Pemex) returning to euros and Koc Holding in dollars.

Tata Steel is holding conversations with banks to refinance debt related to its Canadian operations. The talks come even as the company is a week away from winding up a $1.5bn refinancing for its Singapore subsidiary.

Hutchison China MediTech’s (Chi-Med) $100m IPO on the Nasdaq has been oversubscribed three days into bookbuilding, according to sources close to the transaction.

The Province of Buenos Aires is likely to provide an early test of appetite for Argentine credit on Wednesday after completing a roadshow with Citi, HSBC and JP Morgan.