Americas

Public sector borrowers are pouring into the three year part of the dollar curve after a series of issuers printed strong deals in the tenor last week.

The Index Industry Association on Monday revealed that its members administered about 3.29m indices around the world, with more than 95% of those referencing equities.

Investment grade loans bankers are ready to stump up big tickets for bridge loans, and deals are coming their way. Sanofi, the French pharmaceutical group, is readying an $11.6bn debt-financed acquisition of Bioverativ, the blood disorder treatment company, and banks are set to launch at least one other M&A loan into syndication this week. Michael Turner reports.

Sterling covered bond supply so far this year has been high but Toronto Dominion Bank showed on Monday that demand was also plentiful, as it issued another tightly priced transaction with a strong book.

Mexico’s president has proposed a new — but familiar — director of public credit amid a reshuffle at the country's finance ministry. The move was triggered by the resignation of deputy finance minister Vanessa Rubio, who will coordinate the market favourite’s presidential campaign.

Natura Cosméticos, the Brazilian cosmetics and personal care group that bought UK firm The Body Shop from L’Oréal last year, is to meet bond investors this week as it looks to refinance the debt used to finance the acquisition.

The riskiest end of the US high yield market is heating up, after restaurant chain Arby’s priced a triple-C rated bond on Thursday at levels some bankers said would draw in other low-rated borrowers.

The US Securities and Exchange Commission on Thursday slapped down the possibility of new cryptocurrency exchange traded funds until “significant outstanding questions” were answered with regards to investor protections.

Crédito Real, a Mexican consumer finance company, is set to debut in the Swiss franc bond market in the coming weeks.

China’s FX watchdog tells corporates to prepare for more volatility in the RMB exchange rate, the chief of China Banking Regulatory Commission (CBRC) criticises illegal activities in the banking sector, and a domestic Chinese credit rating agency moves US sovereign rating as a result of the recent tax cut.

South Korean firm SK Biopharmaceuticals Co has sent a request for proposals to foreign banks and securities firms as it looks for candidates to lead its IPO, according to a source familiar with the matter.

The Brazilian sovereign continued a busy period for the country’s issuers with a tap of its existing 30 year bonds on Thursday as bankers said that borrowers from the country were rushing to issue ahead of elections later this year.