Americas

A modest rebound for US large-cap equities in early trading on Tuesday failed to calm volatility levels.

The euro benchmark market is set to welcome a debut issuer this week, while a rare borrower in the currency was able to increase a syndication from its initial €500m target.

There was a time when Bogotá’s public transport system looked a bit like that computer game where the frog has to get across a highway without being flattened. The streets were gridlocked with buses, and not with any sense of co-ordination among them.

Just south of the city of Växjö in southern Sweden is a new residential neighbourhood called Solallén. It’s a cluster of 21 black and yellow townhouses that, aesthetically pleasing as they are with their high ceilings and bike parking and gardens, would be unremarkable were it not for the fact that they constitute the first net zero energy residential neighbourhood in Sweden.

The increasing attractiveness of euros over dollars has led one public sector borrower to mandate for its first ever benchmark in the currency — and more debut issuers could follow.

It is said that if all forestry management was conducted like Sweden’s SCA, there would be no climate change problem. It is said, specifically, by SCA’s vice president for environmental affairs, Patrik Isaksson. “Yes,” he says cheerfully. “Let me explain that provocative statement.”

Brazilian meatpacker Marfrig wasted no time in putting the proceeds of its sale of UK subsidiary Moy Park to work, launching a tender offer for old dollar bonds the day after the deal was closed.

US automotive components supplier BorgWarner is looking to issue its first notes in euros, and could be followed by others as the European market leaves behind memories of the Greek crisis, say bankers.

Cities and municipalities are some of the most suitable issuers for the green or socially responsible bond market, but the cost and effort could be too much to for some. Jonathan Breen reports.

Bondholders have given Banrisul a stronger response to its tender offer for subordinated debt than they gave Brazilian peer Banco BMG in the early bird phase, but not as overwhelming a response as they gave Banco Votorantim, as Brazilian banks look to repurchase expensive bonds.

The Argentine province of Neuquén said it would make a second attempt to sell a dollar-denominated bond “when market conditions are more stable and convenient”, after the region’s government did not approve the interest rates that investors were seeking.

Hopes of concerted action to tackle climate change have been dashed before, but many are daring to be confident about the Paris summit this December. Jon Hay reports.