Americas

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.

Activity in the US dollar bond market slowed to a standstill this week as earnings blackout periods kept corporate America on the sidelines.

Royal Bank of Canada is set to become the first covered bond issuer in Canada to join the Covered Bond Label initiative.

Wall Street banks celebrated a surge in earnings by flooding the dollar market with multi-billion dollar trades featuring callable tranches this week.

Sovereign issuers may have grabbed the headlines in Lat Am bonds on Wednesday, but the operator of Santiago’s metro system was certainly able to attract enough investor attention as it raised $500m of funding on Wednesday.

The Dominican Republic raised $1.2bn of debt on Wednesday close to its curve, taking advantage of strong demand for Lat Am credit.

Argentina had attracted nearly $15bn of orders for its latest dollar issuance by Wednesday’s close, as both investors and bankers following the deal said they thought the sovereign may issue more than the $5bn it initially planned to sell.