Americas

Dutch lender ING has hired a director to focus on Latin American and high yield debt capital markets origination as part of its recently launched global capital markets Americas group.

Financial Conduct Authority chief Andrew Bailey on Thursday set out the options for forward-looking term rates to replace Libor, a family of benchmarks that he described as “vulnerable to misconduct”.

Toronto Dominion Bank became the second Canadian lender in three days to enter the euro senior market, with a five year deal. It could encourage US banks to issue in euros after reporting results over the next week.

Brazilian utility Cemig will test appetite for high yield issuance in Latin America on Thursday after it approached investors about the possibility of tapping of its existing dollar bond.

CNFinance Holdings has filed for a $200m flotation of American Depositary Shares on the New York Stock Exchange.

Four borrowers took advantage of a barren US high yield market on Tuesday to price drive by deals, including a second deal in the past two weeks from offshore drilling company Transocean.

The US House of Representatives on Tuesday unanimously approved a bill that aims to increase the risk sensitivity of the capital treatment of certain cleared options.

European and Asian stock markets have fell sharply on Wednesday morning as investors attempted to position for escalation in trade hostilities between the US and China.

Gas Natural de Lima y Callao, the largest gas distribution company in Peru, has received its second rating upgrade of the year after Moody’s pushed the borrower up by one notch to Baa2.

Faro Energy, which develops solar energy projects in Brazil and Colombia, has sold a green bond to finance distributed solar power projects, said the Climate Bonds Initiative (CBI).

A long dated euro benchmark from Quebec had the strongest scores of the week on BondMarker.

Bank of Montreal was in the market on Tuesday offering senior preferred debt. This product is set to become very rare, as from September all senior debt issued by banks in the country will be eligible for their total loss-absorbing capacity (TLAC) requirements.