Americas
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Credit Suisse’s fourth quarter results showed damage from the high yield and leveraged finance market’s tantrum in the last quarter of 2018. The bank was also hit by a Canada Goose block trade gone wrong. -
The European Financial Stability Facility (EFSF) and Agence Française de Développement (AFD) became the latest issuers to enjoy a strong euro market this week, and there is more supply to come.
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The international capital market welcomed a new supranational borrower on Monday when Bolivia-based Fonplata issued a debut Sfr150m five year bond via Credit Suisse and UBS.
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The US corporate new issuance calendar took a breather on Thursday after clocking up its busiest week of the year with $30bn of supply in just three days. Borrowers remained on the sidelines as investors digested the supply onslaught that brought bulging order books and tight pricing.
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UBS is re-balancing its corporate finance business to end its reliance on its Financial Institutions Group with impressive results, writes David Rothnie.
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KfW made a strong return to the Canadian dollar market on Thursday after 3.5 years away from the currency, as it tightened pricing on its comeback deal. The German agency came alongside a green bond in the currency from a Canadian province.
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The International Monetary Fund and Ecuador confirmed this week that they were discussing a potential financial arrangement, and the positive reaction in the sovereign’s curve could have further to run.
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Wells Fargo Asset Management has picked Hannah Skeates to lead its global environmental, social and governance strategy.
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KfW and Québec will bring Canadian dollar bonds to the market on Thursday, with the former looking to issue in the currency for the first time since 2015.
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A pair of triple-A SSA borrowers built heavily oversubscribed books — and one printed its largest ever deal — on Wednesday in a dollar market that is still attracting heavy demand and performing in secondary despite already tight levels.
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Though a paucity of direct comparable bonds made it difficult to precisely judge the pricing on BTG Pactual’s tier two deal on Tuesday, DCM bankers said that the Brazilian lender had shown investors were willing to bet on high yield paper but keep discipline on price.
