Americas

US glass container manufacturer OI on Thursday added its deal, a loan-to-bond refinancing, to a high yield market scoreboard already loaded with another seven offerings.

The Province of New Brunswick on Friday broke Canadian sub-sovereigns' silence in the Swiss market, printing well above its minimum size target despite choppy conditions.

Eastern Argentine province Entre Ríos looks set to continue the run of Argentine provinces tapping international bond markets after announcing a roadshow beginning October 31.

Venezuelan state oil giant PDVSA finally wrapped up an exchange of bonds due 2017 for longer dated paper last Friday, but analysts said that the effect on the company’s credit quality in the medium term was negligible or even negative.

Choppy market conditions on Wednesday and Thursday did not prevent Trinidad Generation Unlimited (TGU) from pricing its debut dollar bond issue after notching a four times oversubscribed book.

Dollar borrowers filled their boots in the last full week of October with a flurry of benchmark deals while DCM bankers were cheering the prospect of another mega M&A financing following AT&T’s offer for Time Warner.

Total loss absorbing capacity-eligible callable deals issued in euros this week by Morgan Stanley and last week by Goldman Sachs could herald the future for bank senior unsecured paper. But regulatory clarity will be needed before it is possible to see whether European banks can follow suit, writes Bill Thornhill.

Investors showed signs of wilting under the torrent of callable bond structures as BNY Mellon, Goldman Sachs and Wells Fargo continued the rush by US banks to print bonds aimed at cutting the cost of complying with Total Loss Absorbing Capacity (TLAC) rules.

This week, the Chicago Board Options Exchange (CBOE) launched a volatility smile index the tracks the steepness of the implied volatility curve of S&P 500 index options.

Chinese logistics company ZTO Express priced its $1.4bn IPO on the New York Stock Exchange on Wednesday, marking the largest float from a Mainland firm in the US since 2014. And its successful listing is expected to boost the number of Chinese firms heading to the United States, writes Jonathan Breen.

Trinidadian generation company Trinidad Generation Unlimited (TGU) released initial price thoughts for a new bond with a 10 year average life on Wednesday.

Seven deals launched Thursday as issuers came out in force to raise money ahead what is expected to be greater market uncertainty in November.