Americas

Data releases by a number of monetary authorities show uneven turnover in RMB-denominated FX transactions around the globe.

GDS Holdings raised $286m from the sale of new and existing equity last Friday after demand came in better than expected, allowing the secondary portion to be doubled.

Peruvian lender Interbank will increase the size of its recently issued 2023s by nearly $285m after bondholders of its old 2020s agreed to switch into the new bonds.

The Chicago Mercantile Exchange Group on Wednesday said that it had seen record open interest for Eurodollar futures, at 14.5m contracts, partially attributing the move to hedging for potential Fed rate hikes.

Bilibili, a popular Chinese video-streaming website for Japanese animation, is eyeing a $400m IPO in New York later this year.

Brazilian state-owned oil giant Petrobras, the most prolific dollar issuer in emerging markets, returned to the bond markets on Thursday with a flat to negative new issue concession amid overwhelming appetite for paper.

Three Argentine companies sold dollar deals this week to bring welcome new supply to EM investor portfolios but it was a familiar story on pricing as even the duo of debut issuers in the market offered slim pickings in terms of concession.

DCM bankers said Chile was reaping the rewards of repeated issuance in the euro market after the sovereign clinched an €830m 11 year deal at a slimmer than usual premium to its dollar curve.

Mexican non-bank lender Unifin printed $250m of perpetual subordinated notes on Wednesday after bankers were pleasantly surprised by the strong participation from large institutional accounts, despite the small size of the deal.

Public sector borrowers this week set new landmarks in what has already been an exemplary year in dollars, as KfW sold the largest 10 year dollar benchmark in 2.5 years and the Nordic Investment Bank priced the tightest deal versus swaps of 2018 so far. SSA bankers are confident that conditions will hold at both ends of the curve — allowing the possibility of further long end supply and even lower short end spreads.

A series of US banks tapped the dollar market this week, but there was an overriding sense of disappointment as volumes failed to live up to expectations.

US Treasury secretary Steven Mnuchin’s perceived attempt to talk down the dollar on Wednesday drew the ire of ECB president Mario Draghi, but the latter's insistence on playing fair is going to make his job more difficult.