Americas
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Given the uncertainty created by Tuesday’s Brexit vote, the issuance frontloaded into the Swiss franc market at the start of the week was dominated by domestic borrowers.
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The new-look Fox Corp made its dollar bond debut this week as the technical backdrop in the investment grade continued to improve with tightening spreads and thinner new issue concessions.
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The Province of Ontario will this Friday be the fourth SSA from Canada to visit a very strong dollar market this week, after CPPIB Capital printed on Monday, Alberta on Tuesday and the sovereign made a rare visit on Thursday. Dexia Crédit Local also printed in the currency on Thursday and SSA bankers are confident of more supply next week. -
Industry body the Futures Industry Association (FIA) has submitted a lengthy letter to the Basel Committee for Banking Supervision (BCBS) lobbying for changes to the leverage ratio and how it interacts with derivatives clearing.
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Bond buyers gave Mexico’s new government a vote of confidence on Wednesday as they piled into the first bond deal from the sovereign since Andrés Manuel López Obrador (Amlo) became president.
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The super-hot dollar bond market is set to welcome a pair of SSAs on Thursday — including a rare name in the currency — after a mid-week lull in issuance.
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Export Development Canada will head out for a roadshow next month for its first benchmark in euros, taking advantage of the attractive market conditions for issuing in the currency for dollar funders. More deals could follow from debut and rare issuers in euros, with several borrowers looking “closely” at the cross-currency basis swap, according to bankers.
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If any of Latin America’s larger sovereigns spent the first half of January lingering on the sidelines not wanting to pay up for being the region’s first issuer in 2019, their angst was misplaced.
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It will probably be recalled as one of the worst quarters since the financial crisis. But the market's anxieties belie an economy where the indicators still look strong.
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Public sector borrowers printed over $10bn of bonds on Tuesday in a dollar market that SSA bankers expect to keep its momentum in the weeks ahead.
