North America

The US high grade corporate bond market was becalmed this week, as no issuers brought new deals before Thursday's July 4 holiday. However, the market is in good shape for issuers, and bankers and investors are hoping for two more big M&A fundings, in the telecoms and IT sectors.

Canadian Imperial Bank of Commerce (CIBC) issued its first euro covered bond in well over a year on Wednesday and was able to reap the benefit of its rare appearance by pricing a €1bn eight year flat to its curve.

The G20 meeting in Japan ended as well as those in markets could have expected. The US and China may have agreed to delay additional tariffs against the other but none were removed either. Investors are beginning to plan for a more sustained period of hostility between the two countries.

Mexican leasing company Docuformas is likely to turn to bond markets in the coming weeks, GlobalCapital understands, after announcing a tender offer and consent solicitation for its existing notes.

Canadian Imperial Bank of Commerce (CIBC) has mandated leads for its first euro covered bond since January 2018.

The much anticipated G20 meeting between Chinese president Xi Jinping and US president Donald Trump in Osaka brought good news to Huawei, US farmers, US high tech companies, and Chinese stock markets. However, key conflicts remain unsolved.

Hutchison Healthcare Holdings has taken home $288m from an enlarged sell-down of shares in Hutchison China MediTech (Chi-Med).

A majority of Mexican car parts maker Metalsa’s bondholders agreed to amend parts of the indenture to grant the company more flexibility regarding sales and mergers.

CK Hutchison Holdings is paring down its stake in Hutchison China MediTech (Chi-Med) through a placement after the biopharmaceutical company put its planned Hong Kong IPO on the back burner.

Mexico showed that it still has full access to its regular funding markets this week as Japanese investors gave the sovereign its largest ever order book in the Samurai market, on the way to its largest deal in the currency.

The prospect of a blockbuster bond deal from US pharmaceutical group AbbVie was welcomed by dollar bond investors this week, after corporate issuance tumbled to its lowest monthly tally this year.

Chinese online lender Qudian benefitted from active engagement with equity-linked investors to explain its business and growth potential to raise $300m from a popular convertible bond.