Americas

Veritas Technologies, the Californian data storage company, has increased its high yield bond issue to make up for a disappointing loan financing. But initial price talk has yet to emerge.

Fitch has cut the credit rating of Pacific Exploration and Production (formerly Pacific Rubiales) by two notches from B+ to B- and placed the issuer on rating watch negative after the agency revised its oil price outlook.

Pemex CFO, Mario Beauregard has resigned from the state-owned Mexican oil giant and will be replaced by a peer from a fellow government enterprise.

It is already evident that the human and environmental impact of last week’s burst dam at an iron ore mine in Minas Gerais, Brazil, will be tragic. But those left with the uneasy task of analysing the financial fallout on the company that operated the mine still have more questions than answers as the bonds sold off 30 points.

Anheuser-Busch InBev, the Belgian-Brazilian brewer, chose 21 banks to act as mandated lead arrangers for a $75bn mega loan — the largest ever corporate loan — but the firm coordinated all the banks itself in the unique acquisition financing.

Skandinaviska Enskilda Banken and ANZ took advantage of strong funding conditions in dollars this week, despite a drop in demand for floaters.

Chevron and AstraZeneca led a dash for dollars this week as issuers made the most of favourable funding conditions in what is expected to be a heavy month for high grade supply.

Simon Property Group, the US property company that is the world’s largest real estate investment trust, launched a benchmark seven year euro bond on Monday , its first issue in the currency for over two years.

Citi has formed a European cross border debt capital markets team focused on bringing international issuers outside EMEA into European bond markets. This reflects a belief at the bank that there will continue to be an increase of funding in euros by non-European issuers, said Will Weaver, head of DCM at Citi in London.

Goldman Sachs this week announced the closure of its dedicated BRIC (Brazil, Russia, China and India) fund after nearly 10 years. The move signalled the end of the BRIC era, as this year saw recessions plague Russia and Brazil while growth in China stalled.

Anheuser-Busch InBev, the Belgian-Brazilian brewer, mandated a group of 21 banks to provide its $75bn loan facility, but there was no coordinator as AB InBev took an active role in arranging the transaction.

The level of support that Brazilian iron ore pellet producer Samarco Mineraçao’s high profile shareholders provide the company could determine just how serious the effects of last week’s dam accident will be, said Fitch on Wednesday.