Americas

The past week has brought no sign of leveraged loan new issuance in either the US or Europe, and several deals have struggled in syndication.

The Republic of Peru could become the third Latin America sovereign to issue in euros in 2016 after holding an investor call at 10.30am UK time on Monday.

Yangtze River Development is looking to raise as much as $57.5m for a project in Wuhan, China, by listing on the New York Stock Exchange, according to a filing with the US regulator.

In this round-up, PBoC sets a volatile fix for USD/CNY suggesting it has changed its methodology again, JP Morgan AM gets approval for a new MRF product, BlackRock boosts holdings in Chinese ADRs by 500% and Safe plans more RMB convertibility schemes in FTZs. Plus, a recap of the top GlobalRMB stories this week.

Apple’s $12bn nine tranche bond this week deserved plaudits for kick-starting the US corporate bond market after weeks of nerves over volatility.

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.