Latin American companies and governments are issuing debt at a pace that has far exceeded expectations, with bond sales reaching record levels despite a volatile global backdrop tied to President Donald Trump's return to the White House.Issuers from the region have sold just over $184 billion in international bonds so far this year, nearly 50% more than in 2024 and the highest amount in data going back to 2014, according to Bloomberg. Bankers say it is likely the strongest year for Latin American bond issua ...

Core Points - Hepsor AS successfully completed its first bond offering under a 20-million-euro bond program, approved by the Estonian Financial Supervision Authority [1][2] - The bond issued has a nominal value of 1,000 euros, a fixed annual interest rate of 9.50%, and matures on 26 November 2028 [2] - The offering was oversubscribed by 1.4 times, with total subscriptions amounting to 8.5 million euros from 1,079 investors [3] Offering Details - Hepsor offered up to 6,000 bonds, with the option to increase by 2,000 bonds in case of oversubscription [2] - The distribution of subscriptions was 72.8% from Estonia, 24.6% from Latvia, and 2.6% from Lithuania [3] - The total volume of the offering was increased to 8 million euros due to oversubscription [3] Investor Insights - The management expressed gratitude to investors for their trust and support in Hepsor's growth objectives [4] - Strong investor confidence was noted, particularly from Latvian investors who subscribed for over 2 million euros [4] - The bond issuance reflects a positive perception of Hepsor as a developer of high-quality homes in Riga [4] Bond Trading and Tax Benefits - Bonds will be transferred to investors' accounts on 26 November 2025, with trading commencing on Nasdaq Tallinn Stock Exchange on 27 November 2025 [5] - Estonian residents can defer income tax on interest from the bonds by submitting an application to the issuer [6] Allocation Principles - Preference in bond allocation was given to existing Hepsor shareholders, employees, and institutional investors, who received 100% of their subscribed amount [7] - Other investors received 87.5% of their subscribed amount, with a minimum allocation of 10 bonds [7] Company Overview - Hepsor AS is a developer of residential and commercial real estate, operating in Estonia, Latvia, and Canada [8] - The company has developed 2,003 homes and nearly 44,787 square meters of commercial space over 14 years [8] - Hepsor is recognized for implementing innovative engineering solutions for energy-efficient buildings [8]

Core Insights - Tonner Drones successfully issued a €2.5 million bond, marking a significant step in its growth strategy following a recent restructuring and refinancing process [2][3] - The bond has a maturity date of December 31, 2027, with a 4% interest rate and includes warrants for bondholders, indicating a strategic move to enhance shareholder value [3][4] Company Overview - Tonner Drones specializes in developing technologies for the logistics sector and holds stakes in promising French drone manufacturers such as Elistair and Donecle [4] - The company's strategy focuses on increasing the value of its shareholdings through active asset management and generating additional revenue from royalties on patents [4] Financial Details - The bond issued will be reimbursed in cash and will bear a 4% interest rate, with bondholders receiving warrants equivalent to the bond amount [3][8] - The exercise price for the warrants is set at €0.03, representing an 11% premium to the 10-day volume-weighted average price (VWAP) [3][10] Management Commentary - The CEO of Tonner Drones expressed excitement about the company's development, highlighting the recognition of its values and expertise in the market [3] - The CEO also mentioned that the company now has a substantial cash reserve to be deployed strategically for optimal shareholder value [3]

Core Viewpoint - Sanofi has successfully priced a $3 billion offering of notes across five tranches, intending to use the net proceeds for general corporate purposes [1] Group 1: Offering Details - The offering consists of $400 million fixed rate notes due November 2027 at an interest rate of 3.75% [6] - It includes $500 million floating rate notes due November 2027, bearing interest at compounded SOFR plus 0.46% [6] - Additionally, there are $400 million fixed rate notes due November 2028 at an interest rate of 3.80% [6] - The offering also features $500 million floating rate notes due November 2028, with interest at compounded SOFR plus 0.54% [6] - Lastly, $1,200 million fixed rate notes due November 2032 are included, bearing an interest rate of 4.20% [6] Group 2: Underwriters - Barclays Capital Inc., BNP Paribas Securities Corp., and BofA Securities, Inc. acted as Global Coordinators for the offering [2] - The Joint Book-Running Managers include Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., and Natixis Securities Americas LLC [2] Group 3: Company Overview - Sanofi is an R&D driven, AI-powered biopharma company focused on improving lives and delivering growth through innovative medicines and vaccines [3] - The company aims to address urgent healthcare, environmental, and societal challenges, guided by a commitment to scientific progress [3] - Sanofi is listed on EURONEXT: SAN and NASDAQ: SNY, indicating its presence in major financial markets [4]

Core Insights - State Bank of India (SBI) raised ₹7,500 crore through its Basel III compliant Tier 2 bond issuance at a coupon rate of 6.93% for the current financial year [1][3] - The bonds have a tenor of 10 years with a call option after five years and each anniversary date thereafter [1][3] Investor Response - The bond issue received an overwhelming response, with bids approximately three times the base issue size of ₹5,000 crore, totaling 101 bids from a diverse set of qualified institutional bidders [2] - Participation included various investors such as provident funds, pension funds, mutual funds, and banks, indicating strong market confidence in SBI [2]

Core Points - Corporación Inmobiliaria Vesta, S.A.B. de C.V. announced the closing of US$ 500 million in senior unsecured notes with a 5.500% interest rate due in 2033 [1] - The issuance received a credit rating of BBB-/Positive from both S&P Global Ratings and Fitch Ratings [1] Company Summary - Vesta is a fully-integrated, internally managed real estate company focused on owning, managing, developing, and leasing industrial properties in Mexico [1]

Group 1 - Oma Savings Bank Plc issues an unsecured senior-term bond of EUR 200 million with a maturity date of 2 October 2029 and a floating interest rate [2][4] - The bond issuance is part of OmaSp's EUR 4 billion bond program, which was approved by the Finnish Financial Supervisory Authority on 27 May 2025 [2][4] - The bond will be listed for public trading on Nasdaq Helsinki Ltd [3] Group 2 - The Global Coordinator and Joint Lead Manager for the bond issue is Danske Bank A/S, with other Joint Lead Managers including DekaBank Deutsche Girozentrale, Erste Group Bank AG, and Skandinaviska Enskilda Banken AB [4] - OmaSp operates 48 branch offices and digital service channels, serving over 200,000 private and corporate customers [4] - The company focuses on retail banking and offers a wide range of banking services, including credit, investment, and loan insurance products [4] Group 3 - OmaSp aims to provide personal service and maintain a close relationship with customers through both digital and traditional channels [5] - The company emphasizes premium customer experience and is committed to the continuous development of its personnel [5] - A significant portion of the staff owns shares in OmaSp, reflecting their commitment to the company [5]

Group 1 - Tecan Group successfully raised CHF 150 million through the issuance of a fixed rate domestic straight bond with a coupon of 0.850% and a duration of 5 years [1][2] - The net proceeds from the bond issuance will be used for general corporate purposes, including the repayment of an outstanding CHF 250 million bond maturing in October 2025 [2] - The bonds were placed with institutional investors and private banks in Switzerland, managed by UBS Investment Bank and Zürcher Kantonalbank, with Bank J. Safra Sarasin as Co-Lead Manager [2] Group 2 - Tecan is a global leader in laboratory automation, improving healthcare innovation from life science to clinical applications [3] - Founded in Switzerland in 1980, Tecan has over 3,000 employees and operates manufacturing, research, and development sites in Europe, North America, and Asia [3] - In 2024, Tecan generated sales of CHF 934 million (USD 1,062 million; EUR 984 million) [3]

Core Viewpoint - Wendel is planning to launch a potential €500 million 8-year bond issue, subject to market conditions, and intends to redeem existing bonds maturing in February 2027 with an outstanding principal of €500 million [1][2]. Group 1: Bond Issue Details - The new bond issue, referred to as the "2033 Bond Issue," is expected to have a nominal amount of €500 million and will be conducted by several financial institutions including Crédit Agricole Corporate and Investment Bank and Société Générale [1][3]. - Wendel plans to exercise an early make-whole redemption option on the existing bonds with a 2.50% interest rate, maturing in February 2027, at a price determined by the bond's terms and conditions [2][3]. Group 2: Financial Strategy - The transactions related to the bond issue will allow Wendel to extend the average maturity of its bond debt, enhancing its financial flexibility [3].

Core Viewpoint - Sanofi has successfully priced a €1.5 billion bond issue, which will be utilized for general corporate purposes [1]. Group 1: Bond Issue Details - The bond issue consists of two tranches, each amounting to €750 million [7]. - The first tranche is due in June 2029 with an annual interest rate of 2.625% [7]. - The second tranche is due in June 2032 with an annual interest rate of 3.000% [7]. Group 2: Transaction Management - The transaction was led by Citigroup and RBC Capital Markets as Global Coordinators [2]. - Credit Agricole CIB, HSBC, and Societe Generale acted as Joint Lead Managers for the bond issue [2]. Group 3: Company Overview - Sanofi is an R&D driven, AI-powered biopharma company focused on improving lives through innovative medicines and vaccines [3]. - The company aims to address urgent healthcare, environmental, and societal challenges [3]. - Sanofi is listed on EURONEXT: SAN and NASDAQ: SNY [3].