Americas
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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.
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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.
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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.
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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.
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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.
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US high-grade corporates began to emerge from earnings blackout but few are predicting the usual flood of bond issuance as fears over rising inflation and the impact of tax reform could keep borrowers on the sidelines.
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Two influential derivatives trade bodies have questioned elements of a European Commission proposal that would centralise supervisory powers with pan-European securities watchdog ESMA, arguing that national supervisors have a “strong knowledge of local markets” and that the move seemed “premature”.
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Scotiabank looks set to enter the US private placement market, after it hired an experienced banker from National Australia Bank.
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Chinese property developer Country Garden Holdings was forced to pull a Rmb1.8bn ($281.2m) three year Panda bond this week after investors demanded a better return amid rising volatility, writes Noah Sin.
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Mexican non-bank lender Unifin printed $250m of perpetual non-call seven subordinated notes on Wednesday after bankers were pleasantly surprised by the strong participation from large institutional accounts, despite the small size of the deal.
