Americas

HSBC's credit and equities business lines were the standout performers in the global banking and markets division (GBM) in the third quarter, the bank's results showed on Tuesday. Meanwhile, group chief executive Noel Quinn said the firm was adapting its business model to chronic low interest rates.

Bankers are confident that Canadian covered bond issuance will resume after the Bank of Canada withdrew the repo eligibility of retained covered bonds, while honouring existing repo deals. But bankers are split as to whether supply will restart this year or be deferred until next year.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Monday, October 26. The source for secondary trading levels is ICE Data Services.

Ping An Insurance-backed Lufax Holdings has covered its $2.36bn US listing. Global heavyweight investors flocked to the long-awaited deal.

Chile's sovereign dollar bonds hardly budged in Monday trading despite its electorate voting to change the country's constitution the night before. But analysts believe uncertainty along the road to a new political agreement could harm investment, and the new constitution will likely drive up government spending.

Total Play Telecomunicaciones, the Mexican telecommunications company, is approaching international bond investors for the first time. With some EM investors saying they are ready for a pre-US election lull in bond issuance and mixed fortunes for recent new Latin America deals, it could provide a good test of the state of play in the region’s primary markets.

Barclays enjoyed a record quarter in equities, but in its advisory and equity capital markets it lagged behind competitors, it showed in third quarter results on Friday.

Lufax Holdings, a personal finance services platform, has opened books for its offering of American depositary shares (ADS). It is aiming to raise up to $2.36bn.

HSBC has poached a senior banker from Citi to run banking in its Americas business.

Suriname’s new government said on Thursday that it would not make a coupon payment due next Monday on its $550m of 9.25% 2026s as it prepares for restructuring discussions. But with the Surinamese economy capable of generating high levels of hard currency, the focus could be on liquidity relief rather than principal haircuts.

Two corporate deals on Monday and a tiny tap from a Paraguayan beef exporter on Wednesday were all investors had to choose from in Latin American primary bond markets this week as issuance remains light ahead of the US elections next month.

Brazilian oil company Petrobras this week announced it will spend $1.95bn on repurchasing existing bonds via a tender offer, as the rapid pace of its reduction continues.