Americas
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Argentine gas pipeline operator Transportadora de Gas del Sur (TGS) became the latest Latin American corporate to join the new issue pipeline on Thursday, as bankers predict market conditions will become friendlier. -
The first investment grade sovereign trades from Latin American in more than two months left the sell-side feeling more optimistic about the pipeline as issuers were finally able to enjoy relative stability in broader markets.
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SSAs in the dollar market had largely failed to impress this week, providing only a single dollar benchmark. However, one Washington supranational changed that with a remarkable deal on Thursday.
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Issuers from across the SSA galaxy enjoyed smoothly executed deals all along the euro curve, including one touching down in the currency for the first time.
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US financial regulators have proposed new rules that would make it easier for banks to be active in business such as repo and clearing, which were hit hard by post-crisis tightening of leverage ratios.
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Canadian banks and pension funds led a rush of Yankee issuance this week, as they jumped at the chance to tap the dollar market while US banks remained on the sidelines in the run-up to first quarter earnings season.
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A decent start to the week gave way to caution as escalating geopolitical concerns slammed the brakes on US high-grade dollar supply.
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The International Swaps and Derivatives Association (ISDA) responded scathingly to attempts by market participants to “narrowly” trigger credit events that result in favourable pay-outs to buyers of credit default swaps. Costas Mourselas reports.
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A recent string of defaults in the US high yield bond market, particularly in the retail and supermarkets sectors, has not caused undue concern among market players, with most of the situations already factored into assumptions.
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Some US private placement investors in London are investing more time and resources on bilateral US PP transactions that do not involve either syndication or agent banks, so as to gain full allocations and originate their own business.
