Americas

The Nordic Investment Bank and Province of Quebec are set to hit the five year part of the dollar curve on Tuesday, a trade that has returned some bumper deals for public sector borrowers so far in 2017.

Donald Trump’s inauguration as US president had no effect on Latin American bond markets, said syndicate bankers, although a sell-off in US Treasuries meant the buoyant market tone had softened by the end of the week.

The Trump presidency begins without China being labelled a currency manipulator, RMB keeps strengthening against the dollar, and the State Administration of Foreign Exchange emphasizes stability over reform.

Argentina found ample demand for its latest dollar-denominated bond sale on Thursday as investors found reassurance in the South American country’s ability to diversify its funding.

Colombia returned to dollars after a 15 month absence on Wednesday, becoming the first investment-grade Latin American sovereign to issue in the currency this year and notching up a large, tightly priced deal.

Argentine energy company Pampa Energía clinched pricing that was at least flat to its closest comps on its debut bond issue, said EM syndicate bankers, as corporates from the country look set to keep taking advantage of their newfound popularity.

Six Latin American issuers attracted more than $45bn of orders between them this week as the region’s bonds markets looked set to open Donald Trump’s term as US president in flying form.

South American development bank Corporación Andina de Fomento (CAF) returned to the euro market this week to raise €750m of five year notes amid a hectic time in both SSA and Latin American markets.

Guarantor: Canadian Pension Plan Investment Board

US bank bosses, facing investors at results announcements this week for the first time since Donald Trump’s election victory, tackled questions about whether the post-Trump optimism was justified — and how their businesses would benefit from easier regulation and lighter taxes.

London based clearing house LCH made further inroads into the US this week, with the Commodity Futures Trading Commission (CFTC) giving LCH.Clearnet and its clearing members permission to portfolio margin customer positions.

The derivatives market obtained its strongest sign yet that US regulations are soon to move in a more trading friendly direction, with J Christopher Giancarlo not only confirming that he is the acting chairman of the Commodity Futures Trading Commission but also indicating that he will soften rules governing variation margin posting and swap execution facilities.