Americas

Ecuador sold $2bn of bonds on Tuesday in a surprisingly timed deal that triggered a sell-off in its existing bonds as analysts said the deal suggested the country’s fiscal adjustment was slower than expected.

Kristalina Georgieva, who is the new managing director of the International Monetary Fund from Tuesday, plans to expand the use of precautionary instruments, such as credit lines, to more countries.

Uruguay made the most of the low rate environment on Thursday to tap two bonds for a total of $1.055bn. It was part of a liability management exercise that the finance ministry said produced a nominal financial benefit of $87m.

US investment grade corporate bond supply slowed this week, but the pace of prints so far in September has been sufficient to rack up the all time sixth busiest month for supply

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UniCredit forms sustainability team — UBS looks to raise game in green with SEB hire — SG reshuffles Paris ECM line-up

Two public sector borrowers rode out the tricky conditions in the dollar market on Wednesday to find good demand for new issues. US Treasury yields recorded sharp falls that were due to a range of factors, including the launch of a formal impeachment inquiry into US president Donald Trump.

The postponed listing of the We Company, owner of office provider WeWork, shows that IPO investors are disciplined in their search for growth stories. Banks should recalibrate their relationships with private capital providers, says David Rothnie.

Royal Bank of Canada on Thursday became the first international bank to issue a five year Sonia linked covered bond, a trade that delivered competitive pricing and sizeable funding.

Nasdaq-listed Pinduoduo became the latest in a growing line of Chinese companies to tap the US convertible bond market, pocketing $875m after pricing its debut issuance at the tight end of guidance.

Stifel Nicolaus & Co, the brokerage and investment banking firm, has hired a head of emerging markets sovereign research from Oppenheimer & Co, GlobalCapital understands.

Peruvian lender Interbank issued $400m of bonds to buy back existing debt on Wednesday, and may also price global local currency notes.