Americas

The UK Debt Management Office has announced that it is planning to reopen its 2054 Gilt through syndication in the week beginning September 9.

Industrias Peñoles announced on Tuesday that it will return to the bond market in September after a seven year absence. One investor called the mandate a “healthy sign” ahead of the September opening of the primary market.

In this round-up, the tit-for-tat trade tariff situation between the US and China escalated over the weekend, and the People’s Bank of China (PBoC) issued detailed rules for benchmarking mortgage borrowers to the recently unveiled loan benchmark rates.

Bond investors say that market sentiment in Latin America has emerged mostly unscathed from brutal sell-off in Argentine assets over the last two weeks and that the tone should be positive going into a busier period in September.

In this round-up, the US gave Huawei another three months to buy supplies from US companies, the Chinese government revealed plans to turn Shenzhen into ‘a demonstration area of socialism with Chinese characteristics’ and Japan replaced China as the largest holder of US treasuries

JP Morgan announced the terms of a massive tender offer this week, as supply slowed to a trickle in the US dollar market.

The return of heightened market volatility this summer has cast a shadow over final few months of 2019 for equity capital markets. Investors are weighing up whether to buy new deals in at a time of heightened geopolitical risk and deteriorating macroeconomic conditions.

Proofpoint, the California-based cyber security company, became the latest issuer this week to take advantage of the booming market for US technology sector convertible bonds, raising $800m to finance its growth.

Ecuador’s sovereign bonds traded up on Wednesday as Fitch removed the borrower from negative outlook on the back of lower short-term financing risks.

Canada's Equitable Bank has announced plans to issue its first covered bond, possibly as early as next year. Its decision follows an increase in Canada’s regulatory issuance limit and paves the way for several other smaller Canadian banks to follow suit.

Argentine sovereign bonds closed broadly flat on Tuesday as the central bank governor and new finance minister appeared to say the right things to appease markets and the IMF confirmed it would visit the country soon.

HSBC Bank Canada is set to meet investors with a view to issuing the first dollar covered bond since the summer break and its second covered bond ever. The plans comes amid a growing euro pipeline and follows the first deeply negative yielding euro trade.