Americas

Equity investors are looking more closely at valuations after a brutal sell-off last week left many funds questioning where to allocate capital during a changing cycle.

Turkey made a successful return to international markets on Tuesday after six months away. The sovereign paid up for the privilege, but took an important step in returning financing conditions in the country to normal.

A long-awaited dollar deal from Mexican state oil giant Pemex gave proof that there was plenty of liquidity in Latin American bond markets as the borrower squeezed pricing on the back of a hefty book after putting out juicy price talk.

South American multilateral lender CAF (Corporación Andina del Fomento) is due to price a new five year bond in Australian dollars this week.

Transportadora de Gas Internacional (TGI), the Colombian gas pipeline operator, held investor calls on Tuesday as it considers a second attempt to issue internationally this year.

Rostin Behnam, a commissioner at the US Commodity Futures Trading Commission (CFTC) flagged potential issues in the governance and risk management of clearing houses (CCPs) on Tuesday.

Bank of Nova Scotia took full advantage of a respite in hitherto volatile market conditions and an expected secondary market spread widening to issue the largest euro covered bond from a non-European issuer this year on Tuesday — and paid a slim new issue premium to boot.

In less than 24 hours Royal Bank of Canada and Toronto Dominion have almost doubled the volume of Canadian dollar covered bonds issued this year. And with the cost of funding being cheaper than euro covered bonds and half senior unsecured, others may be tempted to follow.

The International Swaps and Derivatives Association (ISDA) released an updated version of its Model Netting Act on Tuesday. The Act is a guide for legislators looking to properly institute close-out netting rules.

Brazilian infrastructure group Invepar will hit the road on Wednesday proposing the sale of a bond guaranteed by its two highest quality assets in order to finance an imposing domestic debt maturity.

The International Swaps and Derivatives Association (ISDA) has moved on from its role as secretary of the special committees that rule on whether credit events that trigger credit default swap (CDS) payouts take place.

Brazilian lender Banco Mercantil do Brasil is looking to buy back nearly a third of its only outstanding international bond via a tender offer.