Americas

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.

Standard & Poor’s downgraded Costa Rica from BB to BB- on Friday, keeping the sovereign’s rating on negative outlook as the Central American country’s public finances come under pressure.

Hypermarcas, the Brazilian pharmaceutical company, will not extend the early bird deadline on the tender offer for its 6.5% senior notes due 2021 after bondholders responded positively to the buy-back offer.

Royal Bank of Canada demonstrated the health of the primary covered bond market on Friday when it priced a €1.5bn deal that offered a minimal new issue concession. And with only one week to go before the European Central Bank’s policy meeting, other issuers will be keen to join apoBank, which mandated leads for a deal.

Lat Am bond bankers said the seven banks understood to have led Argentina’s repo trade in December were the strongest candidates to lead the sovereign’s seemingly imminent re-entry into international capital markets.

Not all emerging markets bond bankers may agree with the strategy — with certain deal-hungry New York dealers particularly vociferous in their opposition — but Latin American sovereigns are placing increasing faith in the euro market for their international funding, writes Oliver West.

The high yield market, desperate for some good news, was left waiting by the phone on Thursday as Solera Holdings' $2bn of notes were said to be struggling to get priced, even though they offered a 11% yield.

Coal is about the most basic commodity. It has become deeply unfashionable in recent years, tarred as the worst culprit in global warming. The charge may be true, but the accusations are so vehement partly because promoters of other hydrocarbons — oil, gas, biofuels — want to disguise their own responsibility.