North America

América Móvil, the Mexican telecommunications company controlled by Carlos Slim, had to cheapen the terms of its €2.2bn bond exchangeable into shares in Dutch telco KPN, but still achieved a remarkably cheap refinancing of a non-core stake.

Petrochemicals producer Alpek, which is owned by major Mexican conglomerate Grupo Alfa, will buy back almost half of its $650m of 4.5% 2022s after wrapping a tender offer on Tuesday.

L Catterton Asia Acquisition Corp, a special purpose acquisition company (Spac), is planning a $250m IPO, according to a filing with the US regulator.

HSBC has shifted responsibility for its regional businesses and given chief financial officer Ewen Stevenson a broader remit, ahead of updating investors with results on Tuesday and amid its overhaul of operations.

Better than expected fiscal data from Mexico has led Bank of America analysts to conclude that the country’s fiscal metrics “could compare favourably to peers for longer” and upgrade their recommendation on the sovereign’s external debt from underweight to market weight.

This week in Keeping Tabs: how to transition the US economy off fossil fuels.

A pair of sovereigns privately placed century bonds this week, with one of the borrowers — Ireland — dipping below the 1% point for the first time at this sort of tenor.

US corporate bond bankers have shrugged off concerns that the steepening of the US Treasury curve could spell problems for credit, after the 10 year yield closed at 1.29% on Wednesday and the 30 year broke though 2%.

South Korean e-commerce firm Coupang is set for a multi-billion-dollar New York IPO — the first US listing from the country for a decade. The deal structure could appeal to other Korean start-ups, bankers said this week. Jonathan Breen reports.

Mexico petrochemical company Alpek could announce a new 10 year note as soon as Thursday, and investors expect the issuer to receive strong demand amid a quiet Latin America primary market.

CPPIB Capital made a strong return to the 10 year part of the euro curve on Wednesday, with a book over two times covered and a new issue premium of just 1bp. Bremen also hit the euro market, selling €500m of 30 year paper through its curve.

Mexican petrochemicals producer Alpek, which lost one of its investment grade ratings for the first time last September, was holding calls with fixed income investors this week ahead of a proposed liability management exercise that would push its average debt maturity from 4.4 years to seven years.