Americas
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Two Yankee issuers enjoyed the full attention of investors amid improving market conditions this week. -
SumitG bears some striking improvements to Figsco, a similarly structured triple recourse deal that never made it to the market. These include a simpler guarantee, better transparency, cleaner collateral and more of it, as well as more frequent third party checks. But ultimately investors may only need to take a view on its recourse to Sumitomo Mitsui Trust Bank’s €320bn balance sheet.
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Banco ABC Brasil this week became the fourth Brazilian lender and the sixth issuer from the country in a month to launch a tender offer for existing debt as low dollar prices make bond buybacks attractive.
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Mexican green financing may get a lift on two fronts as the country moves towards its target of having 35% of its energy come from renewable sources by 2024.
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Peru’s ability to decouple itself from troubles in emerging markets should safeguard its standing in global debt markets as it becomes a more frequent issuer, said the country’s bond head.
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Rolls-Royce this week injected some life into the primary US dollar bond market’s stuttering new issue engine with its first deal in 22 years.
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Electricité de France this week delivered a lesson in execution and timing as it hoovered up pent up demand for paper as corporate America skulked in earnings blackout amid perkier market conditions.
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Royal Bank of Canada issued the first dollar denominated Canadian deal in three months at the widest spread this year, while Münchener Hypothekenbank supplied the only euro deal of the week.
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Mixed fundamentals among US oil producers have caused the futures curve for WTI Crude to flatten, as spot prices rise.
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Goldman Sachs and Sumitomo Mitsui Trust Bank are set to start marketing SumitG, a bond backed by a portfolio of RMBS, but secured by claims against both institutions. Goldman will be hoping to avoid the fate of last year's Figsco issue, a note with a similar structure which never made it to market. Bill Thornhill reports.
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