North America

In the film 'Annie Hall', Woody Allen recounts two diners’ experience at a restaurant. “One of them says: ‘Boy, the food at this place is really terrible.’ The other one says: ‘Yeah, I know; and such small portions.’”

A rotation out of technology stocks and concerns about market capacity have taken some of the steam out of a booming convertible bond market.

Mexican food company Grupo Bimbo proceeded with a 30 year bond issue on Wednesday despite a US inflation reading that sent Treasury yields to their widest levels in a month. A strong bid from US investment grade buyers ensured a bumper order book, but some observers were surprised that the issuer had not delayed its deal in the face of a tricky market.

GlobalCapital talked to Sarim Farooqi, senior vice-president and treasurer at Laurentian Bank, about the issuer’s recent C$250m five year debut covered bond, established under its new C$2bn covered bond programme, and what the bank’s next moves in the covered bond market could be.

Two SSA borrowers landed in the euro bond market on Wednesday while a third lined up business for next week. Issuers may still be achieving good results but bankers believe conditions are turning bad.

Asia-focused special purpose acquisition company Seven Islands has filed for a $300m Nasdaq listing.

Deutsche Bank has hired Richard Robinson, a Morgan Stanley banker of some 21 years, as a managing director and vice-chairman of its global industrials group in New York.

Weil, Gotshal & Manges has hired a capital markets partner from Shearman & Sterling in New York.

The dollar market filled up on Monday with mandates from a broad range of SSA borrowers. Canada, European Investment Bank, BNG and Tokyo Metropolitan Government were all set to hit the market on Tuesday.

Chinese health insurance and healthcare crowdfunding platform Waterdrop has raised $360m after pricing its US IPO at the top of the marketed range.

CPPIB Capital made its debut in South African rand this week with an ‘old school MTN’ at the short end of the curve.

Four Latin America and Caribbean companies sold new issues in the dollar market at very tight looking levels on Thursday, as investors continue to feel pressure to put to cash to work amid extremely high liquidity.