Americas

Beijing hits back at Trump’s tariffs, the chiefs of the People’s Bank of China reassure investors that China is ready for market turbulence, and the central bank announces improvements to Bond Connect’s northbound trading and Panda bond issuance.

Defaulting Caribbean sovereign Barbados could end up forcing a 50% principal haircut on bondholders in its restructuring, said Exotix this week, as investors worried that an overly aggressive approach from the island nation would see it lose market access for the foreseeable future.

When it finally came, the result of the election that markets had feared all year in Mexico was comprehensive. But the reaction was underwhelming.

While Europe basks in a heatwave, the US dollar bond market is suffering a deal drought. There was no supply ahead of the July 4 Independence Day holiday and with syndicate desks likely to be depleted for the rest of the week, the dry spell could last until July 9.

More Chinese technology start-ups have come out with their IPO plans, as Pinduoduo, Aurora Mobile and Opera file their US debuts.

Defaulting Caribbean sovereign Barbados could end up forcing a 50% principal haircut on bondholders in its restructuring, said Exotix on Wednesday, as investors worried that an overly aggressive approach from the island nation would see it lose market access for the foreseeable future.

Juan Carlos Varela, the president of Panamá, named Eyda Varela de Chinchilla as finance minister on Tuesday after Dulcidio de la Guardia resigned despite apparently impressive results.

South American sovereign Ecuador’s latest finance minister says that he does not want the country to return to bond markets, in an abrupt turnaround in policy for one of the region’s most prolific issuers.

Opera’s planned $115m Nasdaq IPO now has a cryptocurrency angle after Bitmain, a Chinese bitcoin miner, joined the deal as an anchor investor.

Pinduoduo, one of China’s hottest internet start-ups, has filed for a $1bn IPO in the US, upping the ante in an e-commerce landscape dominated by Alibaba Group.

The International Swaps and Derivatives Association on Monday said that the uptake of clearing of interest rate derivatives in the US was partially a result of the “powerful incentive to clear” thanks to the benefits of multilateral netting.

Issuance of US private placement debt has fallen by up to a quarter year on year, according to US PP market participants. The fault lies in the US — as opposed to Australia and Europe — as the cost of debt begins to rise for issuers alongside US rate rises.