Americas

Canadian Imperial Bank of Commerce was quick to take advantage of a favourable swing in the sterling-dollar basis swap, to issue its debut Sonia-linked covered bond on Monday, pricing the deal flat to fair value and tighter than where it could have printed in dollars or euros. The scale of demand would have allowed for a much larger deal, suggesting good potential for follow-on supply.

The current system of globalisation with the United States at its centre looks set to crumble and be replaced by a new global system anchored around China, leading economists have told GlobalMarkets

In this round-up, the phase-one trade deal between the US and China ran into problems, China relaxed regulations on foreign banks and insurers and the International Monetary Fund (IMF) warned slower global growth.

With Argentina's elections days away, the fate of the country’s $56bn International Monetary Fund bailout plan will depend on the attitude taken by Alberto Fernández, the odds-on favourite to be the next president, said bondholders.

Celulosa Arauco y Constitución, the Chilean pulp and wood panel producer, is looking to issue what it describes as a “sustainability” bond, as Chile’s focus on environmental topics spreads to the corporate world.

Yields on Ecuador’s sovereign bonds widened sharply this week after 11 days of mass popular protests drove the government to backtrack on plans to remove fuel subsidies. However, investors insisted it was not the end of the country's attempted recovery.

US corporate dollar bond supply is on course for a disappointing month after the size of the new issue calendar fell short of expectations for the second week running.

Bank of America became the first big US bank to emerge from third quarter earnings blackout and tap the dollar bond market this week.

Morgan Stanley posted fee growth in underwriting and advisory in its third quarter results on Thursday, leaving Goldman Sachs the outlier among the five big US banks in seeing revenues fall in investment banking.

A year on from being appointed chief executive, David Solomon is calling for patience in remodelling Goldman Sachs around new growth avenues. But there is much to admire on his first anniversary, writes David Rothnie.

Ministers from Argentina are flying into Washington this week but with elections just days away, the fate of the country’s IMF bailout plan will depend on the attitude taken by Alberto Fernández, the odds-on favourite to be the next president.

Foreign banks are eager to gain full control of their Chinese securities joint ventures, after the regulator said it was abolishing a cap on foreign ownership. But fierce competition and difficult onshore regulations mean it is a long, rocky road ahead. Rebecca Feng reports.