Americas

Caribbean island nation Barbados took bond markets by surprise last Friday by announcing a restructuring of all external debt, abruptly ending the hope that the new government — and its openness to the IMF — had brought to bondholders.

Investors owning $12.836bn-equivalent of Petrobras dollar and euro bonds offered to sell their notes in a tender offer before Tuesday's early bird deadline — more than three times the $4bn limit that the Brazilian oil company had set for the buy-back.

Chilean electricity company Enel Chile pounced on improving market conditions to raise $1bn of 10 year bonds on Thursday, after attracting the largest order book for a Lat Am dollar deal in several months.

South American development bank CAF took the unusual step of issuing in euros just four months since its last outing in the currency, after eying an opportunity in a favourable basis swap.

Yankee and Wall Street banks led a surge in FIG supply in dollars this week, grabbing the chance to exploit improving market conditions.

Corporate bond issuers enjoyed tighter spreads and strong order books amid an improvement in issuance conditions as they jumped back into the dollar market this week.

Cryptocurrency regulation won't be harmonised across jurisdictions, said two panellists at a Futures Industry Association conference in London this week.

Puxin and VCredit Holdings, both of which launched IPOs earlier this week, were covered on their first day of bookbuilding.

As banks struggle with tracking brokerage costs, they need to work out ways to properly manage cost transparency by normalising their trade data.

South American development bank CAF (Corporación Andina de Fomento) returned to the euro markets for the second time this year with a smaller deal than some were expecting amid volatile European markets.

Top officials from global supervisory bodies furiously debated the implications of new European rules that change the oversight of foreign clearing houses, covering the role of central banks, national regulators and arrangements in crisis situations.

Investors owning some $12.836bn-equivalent of Petrobras dollar and euro bonds offered to sell their notes in a tender offer before Tuesday's early bird deadline — more than three times the $4bn limit that the Brazilian oil company had set for the buy-back.