Americas

Bond bankers expect European investors will have more Latin American sovereigns to occupy them in the future, after Mexico showed that very low yields are still on offer in euros for those issuers that choose not to hedge their currency exposure.

Apple's $12bn nine-tranche bond this week has not only kick-started a US corporate bond market that had been drained by weeks of volatility, but also signalled the beginning of a wave of supply from US issuers that is expected to hit European shores.

With a four hour presentation, and after two years of broken promises, Venezuelan president Nicolás Maduro finally announced economic reforms on Wednesday. But although bonds rallied slightly, analysts saw the measures as too little, too late.

Regulators in the US are close to proposing rules that would require banks to lock in derivatives counterparties in other countries to US resolution regimes and give up their termination rights.

Santander’s Chilean arm has launched a tender offer for up to $500m on its 3.875% fixed rate 2022s and its floating rate notes due 2018.

The shrinking of balance sheets has become a common theme in recent years, particularly in the financial sector. Investors are punishing banks that are either unwilling or unable to implement a more conservative financial strategy.

US biotechnology company Amgen made its dash into primary corporate bond markets on Thursday with a dual tranche deal that took €2bn out of the market.

A strong performance in Brazil’s bond curve on Wednesday underlined how unsurprised bond investors were to see Latin America’s largest sovereign receive yet another rating downgrade.

Santander’s Chilean arm has launched a tender offer for up to $500m on its 3.875% fixed rate 2022s and its floating rate notes due 2018.

HCL Technologies is preparing to launch a $1bn float in the US, which would make it the first Indian company to list there in more than two years.

As Solera Holdings began on Tuesday in New York the last leg of its $2bn bond roadshow, investors in the US voiced their surprise at how negative some of its European counterparts remain about the success of the deal.

Three positive days in markets pushed Mexico to sell its second deal of the year on Tuesday as Latin America sovereigns become more pragmatic about choosing issuance windows.