Americas

Mizuho Americas said it had hired five people on its high yield sales and trading desk, as the firm looks to beef up its leveraged finance capabilities, alongside larger plans to build out its US investment bank.

On Wednesday, US car manufacturer Ford’s finance arm followed its recent trend in using the euro corporate market to fund itself in floating rate note format. It kept its tenors short with a pair of FRNs, but found investors had a preference for the shorter option.

A long-awaited civil settlement with the US Department of Justice this week could prove to be a boon for Royal Bank of Scotland, which has had the risk of heavy fines looming over it for some time.

Following another tough day for Argentine bonds, the country’s economy minister Nicolás Dujovne clarified after market close on Wednesday that the government was seeking a stand-by agreement from the IMF.

Empresas CMPC, the Chilean pulp and paper company, is the ideal company to venture into uncertain bond market waters, syndicate bankers said after the company announced roadshow plans.

Market pressure on Argentina in recent weeks drove President Macri to take what initially felt like a radical step by roping in the IMF. But what first seemed like a horrific déjà vu is actually a sign that things are getting better in the most underperforming EM nation.

On Wednesday, US car manufacturer Ford’s finance arm followed its recent trend in using the euro corporate market to fund itself in floating rate note format. The company kept its tenors short with a pair of FRNs, but found investors had a preference the shorter option.

The strengthening dollar is wreaking havoc for emerging market bond investors as assets in local currencies and dollars alike take a hammering.

Goldman Sachs sold its largest amount of Swiss franc bonds in a single Sfr325m issue on Tuesday afternoon, encouraging hopes that the Swiss franc might be regaining its status as a global funding currency.

Primary markets in Latin America stayed silent on Tuesday amid a hefty sell-off in EM currencies, with Ecuador and Argentina continuing to provide country-specific volatility.

Investors are hedging and betting on oil prices as markets remain unsure about whether or not US President Donald Trump will pull out of the Iran nuclear deal.

A 675bp rate hike from the Argentine central bank, BCRA, on Friday finally brought some support to the peso. But the sovereign’s bonds continue to trade poorly as the currency’s recent free-fall highlighted the many vulnerabilities in the country’s economic recovery.