Americas

Rabobank and Bank of Ireland turned to the dollar market this week to issue senior bonds meeting their minimum requirements for own funds and eligible liabilities (MREL), after both did their first deals in the new format on the same day last month.

Fédération des Caisses Desjardins du Quebec (CCDJ) was able to take €1bn of funding out of the euro market on Thursday. Meanwhile, Royal Bank of Canada is expected to bring the first senior bond under Canada’s next bail-in regime next week.

Brazilian pulp and paper producer Suzano Papel e Celulose’s CFO told GlobalCapital that he believes the company would have had to pay a higher rate on its latest dollar bond had it chosen to issue immediately after its roadshow.

More supranational banks will use synthetic securitization and other risk transfer techniques, specialists believe, after the African Development Bank’s trailblazing $1bn deal, revealed this week, writes Jon Hay.

The Middle East is continuing its domination of the CEEMEA primary market and even the Latin America new issue market is starting to see some action as a run of successful bonds in the last fortnight is helping to bolster investor confidence.

NEX Group is set to pay $50m after settling with the US Commodity Futures Trading Commission (CFTC) over allegations that brokers in its subsidiary ICAP helped bank traders in their attempts to manipulate the USD ISDAFix benchmark.

Argentine state-owned oil and gas company YPF said on Tuesday that it would buy back $176.245m of the $452.198m in dollar bonds it is due to repay on December 19.

Brazilian state-owned development bank Banco Nacional de Desenvolvimento Econômico e Social (BNDES) will buy back nearly $650m of existing bonds, including over half of its existing green bond.

Loomis Sayles’ senior loan portfolio manager Kevin Perry will retire in March 2019 after 17 years with the company and 37 years in the industry, the firm said on Tuesday.

The strong demand that has permeated the dollar market over the last few weeks showed no signs of abating on Tuesday, as a pair of borrowers issued benchmarks that were comfortably oversubscribed.

The US Securities and Exchange Commission (SEC) on Monday said it had appointed Mark Wolfe as its associate director for the Office of Derivatives Policy and Trading Practices.

Goldman Sachs has named a new head of the financial institutions group in Asia Pacific ex-Japan, and a new co-chairman for global FIG.