Americas

David Miller has become the new chief executive of Credit Suisse’s investment banking and capital markets (IBCM) unit, replacing James Amine.

In this round-up, MSCI is set to give a boost to China A-shares again at the end of the month, CPI inflation accelerated to the fastest pace in seven years and the China Securities Regulatory Commission (CSRC) has decided to allow unprofitable companies to list on the ChiNext board.

Brazilian steel producer Gerdau could return to the international bond market this week for the first time in over two years, looking to take advantage of strong performance in its bonds and positive sentiment surrounding Brazil.

As of Thursday afternoon, pricing on a duo of Brazilian high yield credits looked set to be pushed to Friday, as investors in Latin American bonds were given the rare chance to get stuck into some riskier names.

Bankers said that Itaú Unibanco’s proposed tier two dollar deal was “exactly the kind of paper people want to buy” as the Brazilian lender lined up investor meetings in the wake of the Brazilian sovereign’s successful first ever dual tranche dollar deal.

Market participants expect Costa Rica will have little trouble completing a crucial bond issuance next week, with the lack of high yielding sovereign assets in Latin America expected to favour a country that has worked to improve its outlook this year.

High grade dollar bond investors are braced for the biggest deal of the year after AbbVie, the pharmaceutical company, appointed a trio of banks to lead a possible $25bn issue that could come as soon as Monday.

A pair of public sector borrowers hit the dollar market this week, pulling off strong deals at three and five years. Both enjoyed a clear field as euro-based borrowers stuck to their home currency thanks to an unpalatable basis swap rate.

Open interest in CME Group’s BRL/USD futures rose in the run up to the Brazilian Central Bank’s 50bp benchmark interest rate cut and has remained elevated ever since.

A group of Barbados' creditors on Wednesday welcomed the government’s launch of an exchange that could see the island nation wrap up an 18 month debt restructuring process.

The US Commodity Futures Trading Commission this week approved foreign boards of trade applications (FBOT) from European derivatives exchanges despite opposition from commissioner Brian Quintenz.

Brazil completed a tender offer for seven different dollar bonds on Tuesday, buying back for cash small amounts of bonds maturing between 2027 and 2041 but mostly guiding bondholders into its new long 30 year issued on Monday.