Americas

Equity markets in the UK, US and eurozone sold off late Wednesday and on Thursday, leading to a mixed reaction from equity derivatives strategists.

There are more than $512bn worth of bonds that will need to switch to an alternative reference rate if global regulators execute plans to ditch the Libor benchmark by the end of 2021, Linklaters said on Wednesday. GlobalCapital asked the law firm what needs to happen for a successful switchover.

China’s Niu Technologies has launched bookbuilding for a $103.8m Nasdaq IPO, but despite plenty of pre-deal interest, sources said they did not expect the trade to be a blowout.

The speech by US vice president Mike Pence, delivered at the Hudson Institute on October 4, was the closest to a cogent China strategy formulated by the Trump administration since it took over the White House. Market participants should beware, as the picture those words paint is far from pretty.

Peru wrapped up an investor roadshow on Wednesday just as the Dow Jones suffered its worst day since February to leave investors and bankers examining conditions as the sovereign weighs up a dual-tranche dollar and Nuevo sol deal.

The benchmarking arm of Intercontinental Exchange (ICE) opened an online portal on Wednesday that gives market participants information on alternative risk-free rates designed to replace the Ibors, as well as forward-looking term rates based on the sterling overnight index average (Sonia).

SSAs are enjoying strong conditions in dollars, with KfW and the Province of Ontario finding plentiful demand on Wednesday despite bringing deals that on-looking bankers said were “pretty much” in line with secondaries. Kommunalbanken will price a dollar benchmark on Thursday that leads said was following a similar pattern.

American data centre owner Digital Realty extended its sterling corporate bond curve on Wednesday. The issuer’s fourth deal in sterling showed no sign of investor fatigue.

Turkey is braced for one of the most important political events of what has been a turbulent year; the hearing of US pastor Andrew Brunson. The consequences could shape Turkey’s recovery from its recession. Elsewhere, a Russian mining company's loan showed the country is not quite closed for business, and after weeks of quiet, Latin American markets have bounced into life.

Pan-emerging markets cable and mobile group Millicom International Cellular could return to bond markets this week as it looks to pre-fund the acquisition of a Panamanian company.

The Central American renewable energy subsidiary of multinational conglomerate Corporación Multi Inversiones (CMI) will begin investor meetings on Friday as it seeks to become the first debut issuer from Latin America since May.

Mexican home appliances company Controladora Mabe will look to raise up to $370m of senior notes as three companies from Latin America look to international bond investors despite a soft market tone.