Americas

Bond market analysts said that conversations about Argentina assets would return to the likelihood of default as market-friendly president Mauricio Macri suffered a heavy defeat in Sunday’s primary elections.

The rout of the incumbent president Mauricio Macri in the first round of the Argentina elections has investors worried. Argentina’s debt, and that of other 'vulnerable' credits, suffered a huge sell-off early on Monday. But bankers believe that it was not so bad that the primary market will not reopen in September.

In this round-up, China’s positive trade data despite the trade war surprised markets, trading volume in USD/CNH futures hit new highs thanks to the weak renminbi, and the Mainland’s foreign currency reserves fell after two months of growth.

In this round-up, hostility between China and the US continued, the State Council unveiled rules on the Shanghai Free Trade Zone and Beijing said it would intervene if the Hong Kong government fails to calm down the recent unrest.

Mexican leasing company Unifin issued $200m of three year debt via a private placement this week on the back of reverse inquiry from an institutional investor.

GlobalCapital has published the nominations for its Sustainable and Responsible Capital Markets Awards. The winners will be announced on September 17, at our Awards Ceremony in Amsterdam.

Lloyds Bank dipped into dollars for senior funding on Wednesday, a day after UBS launched a deal in the same currency. A syndicate official noted that European financial institutions are being tempted across the Atlantic amid more inhospitable conditions in the euro market this summer.

As the market digests news of the weaker renminbi, which broke seven against the dollar for the first time since the financial crisis on Monday, analysts are predicting that a new equilibrium for the currency will emerge. Rebecca Feng reports.

Debt capital markets and syndicate bankers covering Latin America say they are enduring a busy week despite no new issuance as they expect a busier than usual September.

Emerging market loan bankers have been trying to understand the impact on syndicated lending of the US’s latest sanctions on Russia. The proscriptions have instilled more uncertainty into a collapsing market.

UBS Group skirted volatility in global financial markets to issue an 11 year non-call 10 year senior unsecured bond in dollars on Tuesday. The Swiss lender offered a small premium to investors, with a final spread of 140bp over US Treasuries.

Snap, the US technology company behind Snapchat, has issued a $1.1bn convertible bond due in 2026, after the stock began to trade above its IPO price again following a strong set of first half results a fortnight ago