Americas

At least two Latin American borrowers opted to delay new issue announcements this week as syndicate bankers suggested the names in the pipeline would be more demanding on pricing than their CEEMEA counterparts that did issue.

Venezuela has become the first sovereign nation to launch a cryptocurrency. While few outside Venezuelan president Nicolas Maduro’s administration are impressed by the pioneering venture, others are expected to follow suit nonetheless, write Lewis McLellan, Costas Mourselas and Oliver West.

The US government’s agreement to remove the country’s debt ceiling early in February has left the buy-side waiting for a wave of issuance from the US Treasury. But as opportunities arise for investors, one has warned that the public may end up seeing the bond market as “the bad guys” as rising yields help public sector borrowers but hinder corporates in the front end of the dollar curve. Nigel Owen and Craig McGlashan report.

The US Department of the Treasury defied Republican calls to scrap the Orderly Liquidation Authority this week, after publishing a report in which it recommended an overhaul of the nation’s framework for dealing with failing banks.

The dollar high-grade calendar snapped back to life on Wednesday and Thursday, but bankers remain cautious as a significant uptick in rates will severely test pricing levels and investor appetite.

A new study of green bond pricing has stopped short of saying that green bond issuers can generally expect to get tighter new issue premiums. But the report’s lead author did say: “Green bond buyers can’t expect to receive a new issue premium — that is itself quite a bold statement.”

Yankee banks shunned the short end of the curve this week as they returned to the dollar market after reporting earnings.

Morgan Stanley debt capital markets head Leo Civitillo, who had been in the fixed income business for 20 years, has died.

MUFG Securities Asia has named Royal Bank of Scotland veteran Pierre Ferland as its new chief executive.

Nomura has created a new global unit to focus on client financing, in a move that combines its investment banking and markets capabilities.

US market volatility has kept Latin American primary bonds silent for nine straight business after what had been a record start to the year. But even though EM borrowers from other parts of the world are this week pricing deals, Lat Am bankers are in no hurry to bring new debt issuance from the region while the volatility persists.

The new bond issues may be flowing in emerging markets, but after weeks of volatility, the era of easy execution is over.