Americas

Interest rate derivative volumes in swap execution facilities (SEFs) were up 22.3% in May compared to the same month last year, according to new data from the Futures Industry Association.

CPPIB Capital will sell its first ever green bond this week, coming on the heels of a French region’s foray into green and sustainability bonds.

Market analysts said that Argentina’s $50bn IMF programme — which one strategist thought to be the largest ever provided by the fund — had surpassed all expectations, with bonds rallying lightly last Friday.

The iShares 0-5 Year High Yield Corporate Bond exchange traded fund (SYHG), which tracks short dated US high yield credit, has unwound almost 40% of its asset base in the last week and a half after investor Charles Schwab pulled its money to put into another high yield fund.

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.