North America

Mexican power generator FEL Energy is the most recent Latin American credit to announce bond issuance plans but bankers covering the region expect several drive-by trades this week before the US Thanksgiving holiday cuts the window short next week.

This week in Keeping Tabs: what a Biden administration means, the people behind the BioNTech vaccine, the link between commercial property and bank equity, and a proposal for dealing with debts in poor countries.

Convertible bond issuance in the Americas is poised to top $100bn in 2020 as the year enters its final straight and companies look to use the momentum of Joe Biden’s victory in the presidential election and the prospect of a working Covid-19 vaccine on the near horizon to raise capital.

Latin American bond bankers said that Mexican telecoms company Total Play Comunicaciones’ debut bond issue on Monday — the second Mexican high yield deal since the onset of Covid-19 — was an encouraging sign for other issuers from the country.

A Joe Biden White House offers an opportunity for international and regional multilateral financial institutions to lobby for extra financing to deliver essential assistance to countries hit by Covid-19, according to experts.

Bristol-Myers Squibb and Verizon took advantage of surging demand for high grade corporate bonds this week to print multi-billion dollar trades to fund mergers and acquisitions and future investment.

HSBC Canada plans to issue its inaugural deal in euros and though the bond is not expected until next year at the earliest, there is a possibility that other Canadian banks could pre-fund before Christmas if strong market conditions last.

Ontario Teachers’ Finance Trust (OTFT) is preparing to issue its inaugural green bond under its new framework aligned to the International Capital Market Association’s Green Bond Principles.

Latin American bond bankers said that B2/BB- rated Mexican telecoms company Total Play Comunicaciones was the ideal name to take advantage of a swell of risk appetite on Monday as the company sold its first ever international bond in a market that favoured higher yielding credits amid the sell-off in US Treasuries. But Lat Am sovereigns could be back as soon as Tuesday as bankers expect a wave of issuance from the region.

Many have heard of Frost/Nixon, a great play — and later a film — based on the real interviews David Frost did with US president Richard Nixon after his impeachment and resignation. But here's a 1987 BBC interview by David Frost with Joe Biden, before his first tilt at the presidency.

Singapore-based special purpose acquisition company (Spac) Tiga Acquisition Corp has set in motion a $200m listing on the New York Stock Exchange.

Waste Management was the first issuer to tap the dollar bond market after Tuesday's US presidential election, taking the plunge as vote counting continued and Joe Biden edged towards victory.