North America

Mexico on Tuesday became the second Latin America sovereign to use the 20 year US Treasury bond as a benchmark for a new issue, initially raising $2.5bn of 2041 notes to finance a tender offer. Later in the evening, the sovereign said it would likely increase the size of the 2041s to $3.26bn, with holders of old bonds set to switch into the new notes.

Three SSA borrowers were set to come to market for five year paper on Wednesday, with two targeting fixed rate benchmarks and the other a five year floater linked to the secured overnight financing rate.

Borrowers packed deals into the US corporate bond market this week before the Easter holiday weekend. Among them, BMW enjoyed a strong order book for its first dollar issue for a year.

Deutsche Bank conquered the fallout from the liquidation of US hedge fund Archegos Capital this week to print its first preferred senior trade of the year.

A staggering amount of capital has been raised by special purpose acquisition companies this year, but there is growing concern that the glut in supply will lead to many of the vehicles overpaying for M&A targets or being unable to find companies to buy.

Fédération des caisses Desjardins du Québec (CCDJ) issued a rare and well subscribed five year euro covered bond on Tuesday, which was priced inside fair value. The outcome was similar to a recent deal from National Bank of Canada, but is not expected to boost supply prospects.

China-based Energy Monster, a mobile device charging company, has kicked off the roadshow for its Nasdaq listing. It is eyeing up to $218.7m from the deal.

CNP Assurances found favourable pricing in dollars this week, when it ventured into the Reg S market for its second sale of restricted tier one (RT1) capital.

Grupo Bimbo, the Mexican food company that says it has gained millions of new customers during the pandemic on the way to posting record sales and Ebitda, will prepay $600m of global bonds maturing in 2022 using proceeds from a bank loan.

Magnum Opus Acquisition, a special purpose acquisition company (Spac), has raised $200m from a New York Stock Exchange IPO.

Two Mexican corporates — real estate investment trust (Reit) Fibra Uno and leasing company Operadora de Servicios Mega — re-opened bonds on Thursday as supply trickles into the Latin American primary bond market. But only Fibra Uno was able to tighten pricing from initial price thoughts.

Chinese question-and-answer platform Zhihu has raised $522.5m from its US IPO, after pricing the deal at the bottom of the marketed range, according to a source familiar with the matter.