Americas

In this round-up, US president Donald Trump warned of higher tariffs should his Chinese counterpart not meet him at G20, UBS’s chief economist employed questionable language when discussing the rise of Chinese consumer prices, and total exports edged up in May while exports to the US fell again.

Peru returned to bond markets on Thursday with a dual currency deal that included a rare dollar issue that some on the deal reckoned had been priced the country’s better rated peer, Chile.

Mexico’s largest locally owned bank, Banco Mercantil del Norte (Banorte), has begun meeting fixed income investors as it looks to test investor appetite for the country's credit with a new subordinated bond.

A creditor group owning a majority of Barbados’s international bonds is set to bat away the government’s latest restructuring proposals, GlobalCapital understands.

Ecuador took advantage of a strong start to the week to carry out what the government called an “unprecedented” liability management trade as the country continues to improve its image in financial markets.

The US corporate bond market enjoyed a busy period of issuance this week, as expectations of a rate cut rose and trade tensions with Mexico eased. But concerns still linger over dwindling supply.

Royal Bank of Canada’s €1.25bn seven year issued on Wednesday dropped more orders than any covered bond has in years, ending up as one of the least subscribed deals of its size since 2011. The transaction starkly illustrated that the balance of power has shifted in favour of investors and offered a salutary lesson for ambitious issuers, writes Bill Thornhill.

Rating: AAA/Aaa

The Inter-American Development Bank this week capitalised on a dearth of supply at the 10 year point of the curve to print its second dollar benchmark of the year.

BNP Paribas has hired a banker from SMBC to fill the vacant position of head of US private placements.

Bank of Montreal (BMO) has issued the first Canadian covered bond in dollars this year, raising $1.75bn of funding at a cost that was equivalent to what it would have theoretically paid in the euro market. National Bank of Canada was quick to follow, announcing a similar deal at the same starting spread.

After establishing itself as a top three player in European investment banking, Citi is now making an ambitious push for the summit in its home market, writes David Rothnie.