North America

The Province of Quebec has hired banks to lead a new Canadian dollar green bond — its first since the start of last year.

The European Investment Bank and the Province of Quebec were well subscribed as they re-opened the dollar SSA market following the extended Lunar New Year holiday. Two more public sector borrowers will follow with dollar bonds on Wednesday, ahead of what is expected to be a busy month in the currency.

Mexico’s largest airline, Aeromexico, achieved significant price tightening on a five year issue as Lat Am bond buyers said the rare luxury of a 7% handle in primary had piqued their interest, despite acknowledging credit challenges.

Latin American bond markets reached record levels of January issuance this week as primary activity ticked over despite the scare about the coronavirus, which the World Health Organisation declared a global emergency on Thursday.

As financial markets fretted over the spread of a coronavirus outbreak in China this week, one security was in the firing line more directly than any other. Holders of the World Bank’s pandemic bond will lose principal if the disease spreads by a sufficient amount, writes Jasper Cox.

The dollar corporate bond market will face its first big test of 2020 when blue-chip borrowers emerge from earnings blackouts to take centre stage in February.

Vereker goes to JP Morgan — SG picks new CEEMEA DCM head — Goldman names new cross markets head

Jes Staley’s strategy has been vindicated, with Barclays’s corporate finance bankers having a banner year. But it has to invest in its European franchise to cement its credentials as the region’s leading investment bank, says David Rothnie.

DBV Technologies, the French biopharmaceuticals company that specialises in treating allergies, has successfully completed a $153m growth capital raise, despite market volatility earlier in the week owing to fears over the spread of corona virus in Asia.

Mexican non-bank lender AlphaCredit became the latest company from Latin America to schedule fixed income investor meetings as bankers say smaller, high yield issuers are likely to dominate forthcoming supply.

Mexican state-owned oil company Pemex will prepay just $62m of two bonds maturing later this year after receiving a tepid response to its tender offer.

Olaf Diaz-Pintado has been named head of Goldman Sachs’s cross markets group for Europe, the Middle East and Africa, while the bank has appointed new regional heads for its financial and strategic investors group.