Americas

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.

US pharma giant Merck reached for a long tenor on Wednesday, in the process reopening the market for ultra-long trades as it issued a 20 year tranche.

Argentine province Santa Fe’s debut international bond issuance on Tuesday made it the second tightest sub-sovereign name in the Argentine credit spectrum as the region’s low leverage levels allowed it to price just 50bp wide of the City of Buenos Aires.

Mexico raised completed the financing of all its external debt obligations for 2017 on Tuesday, selling €1.9bn of long eight and 15 year bonds in its second euro-denominated bond of 2016.

China has made progress in liberalising its capital account this year, but the moves have yet to win over US-based investors, Luke Oliver, head of exchange-traded funds (ETF) capital markets at Deutsche Asset Management (DAM) told GlobalRMB.

US agricultural equipment manufacturer AGCO more than doubled its first ever Schuldschein, from the launch size of €150m to €375m.

Mexico has followed Argentina to the euro market and has opened books on a deal that will see it print fresh eight year debt and an increase of its existing 31s.

Argentina’s third largest private sector bank in terms of loan portfolio size, Banco Macro, will begin a roadshow on Wednesday ahead of a potential dollar bond issue.

Venezuelan state oil giant PDVSA finally wrapped up an exchange of its short-dated debt for new notes due 2020 on Friday after accepting tenders of $2.8bn from bondholders.