Americas

​New regulations have uncovered heaps of data that markets are struggling to handle. But as participants discover issues exist they did not realise existed, the data revolution will result in safer and more efficient markets for all.

Bankers are preparing to hit the ground running when they return from the Labor Day holiday next week primed for a glut of high grade corporate supply.

Canadian Imperial Bank of Commerce paid up to tap a euro-denominated senior bond on Wednesday, getting ahead of regulations next month that will make all senior debt subject to bail in. Bank of Nova Scotia also took out over $1bn equivalent of funding in Australian dollars this week.

Aerospace and control systems group Honeywell is poised to tap investors in both Europe and the US as levfin markets return to action next week. The firm will look to high yield buyers to help fund the separation of subsidiary Garrett Motion, but a portion of investment grade debt will also be on the table.

Royal Bank of Canada boosted sentiment in the covered bond market on Thursday with a tightly priced €1.5bn seven year. At the same time Société Générale issued a defensively priced and well subscribed €750m five year.

Interest among Chinese companies to list in the US continues to remain strong, with personal finance company X Financial and internet firm Viomi setting the stage for their IPOs.

The CFTC has fined BNP Paribas $90m for allegedly attempting to manipulate the USA ISDAFIX benchmark, through messages that used Salt-N-Pepa lyrics such as, “Push it real good,” according to the CFTC order.

President Mauricio Macri’s announcement on Wednesday that Argentina had asked the IMF to bring forward some disbursements of its $50bn stand-by agreement could not arrest a slide in the peso or government debt.

Moody’s dropped its unsolicited corporate and bond ratings for WeWork on Wednesday, blaming “insufficient or otherwise inadequate information”, with the office leasing company understood to be comfortable with the higher solicited ratings it has from S&P Global and Fitch.

After a plethora of small deals, the covered bond market look set for a proper test of appetite as Royal Bank of Canada prepares to issue a seven year euro denominated covered bond.

The US Senate Committee on Agriculture, Nutrition and Forestry has confirmed the nominations of Dawn DeBerry Stump and Dan Michael Berkovitz to serve as commissioners at the Commodity Futures Trading Commission (CFTC).

China-based X Financial has set the ball rolling for a potential $250m listing on the New York Stock Exchange.