Americas

An evolution is happening in emerging market issuers’ use of yen funding. For many years, many of them have only been able to issue Samurai bonds by using JBIC’s GATE (Guarantee and Acquisition toward Tokyo market Enhancement) programme, but steadily more of them are stepping up to standalone issuance. At the same time, benchmark borrowers are bringing along less established issuers from the same countries in their wake

With local currency devaluations hurting dollar bond issuers across Latin America, Peruvian sugar cane producer Corporación Azucarera del Perú (Coazucar) has launched a tender offer for up to $165m of international bonds.

Sellside bankers desperate to generate business in a stormy LatAm debt market will have been pleased. For as a lesson for issuers in the benefits of sacrificing a few basis points in the interests of getting a deal done, Colombia’s long 10 year on Monday was as good as they come.

Another torrid week for Brazilian credit had investors predicting the sell-off in the country’s assets had further to run despite some names looking cheap at first glance.

The expected deluge of high-grade issuance stumbled after a strong start as volatile market conditions sent issuers scampering to the sidelines.

Mondelez followed up its Swiss franc debut in March with a second successful outing this week, taking the total raised in the currency this year to Sfr1.075bn.

Yankee and US banks dictated the pace of dollar supply as they moved early to print TLAC-friendly trades ahead of the publication of the final regulatory rules.

UBS pulled in $13bn of demand for a holdco senior debut in dollars this week, which for some bankers showed the gulf between attitudes towards loss-absorbing debt on either side of the Atlantic.

Coca-Cola made an impressive debut in Swiss francs on Tuesday with a three tranche deal that matched Shell’s August record-breaker in size.

Pemex looks set to return to the Swiss franc market for the first time in three and a half years after announcing plans to meet investors in Switzerland next week.

Traders have welcomed IntercontinentalExchange’s plans to launch a cotton derivative contract aimed at solving problems faced by international producers and consumers.

Pemex looks set to return to the Swiss franc market for the first time in three and a half years after announcing plans to meet investors in Switzerland next week.