Americas

Bankers observing South American development bank CAF’s return to euro markets on Tuesday suggested that the multilateral had done well to push through equity market volatility with its largest ever euro deal.

Panda bond issuance has so far been dominated by overseas-incorporated Chinese names. That bolsters volumes, but it does little to help the market fulfil its role of boosting RMB internationalisation. Policymakers have the chance to fix it — but only if they are bold enough to let markets play a bigger role.

Public sector borrowers are reaping the benefits of investors looking to “weather the storm” of wider market volatility, said bankers, as investors poured cash into short dated dollar issues this week. Bank Nederlandse Gemeenten and Sweden are set to be the next issuers to benefit, after mandating for three year trades on Tuesday.

An exchange traded note that rewards investors when equity volatility drops is being shuttered by Credit Suisse, after implied volatility on the S&P 500 exploded this week.

After a year of predictions that a bear market is coming off the back of monetary policy normalisation, people shouldn’t be surprised that investors are a little jumpy.

Commodity Futures Trading Commission chairman Christopher Giancarlo on Tuesday criticised the oversight regime of cryptocurrency spot transactions, saying that a “rationalised federal framework” could be more effective at ensuring the market’s integrity.

US oil and gas company Kosmos Energy, which operates in Africa, has refinanced a reserve-based lending facility signed in 2015.

Chilean company Prime Energía is looking to raise $575m of seven year bonds via a debut deal to be issued in conjunction with another company owned by the same group.

South American development bank Corporación Andina de Fomento (CAF) is due to price its first benchmark of 2018 after announcing initial price thoughts for a euro-denominated seven year.

Three dollar borrowers have hit screens in a market buoyed by a pronounced Treasury sell-off.

Investors who financed bearish European equity positions with US short volatility strategies have been burned as the S&P 500 continued its downward trend on Monday, and realised volatility spiked.

Algeco Scotsman, the US storage group owned by TDR Capital, is talking to investors about sweetening the terms of its new high yield bond issue, due to be priced on Monday afternoon.