Americas

US music publisher Warner Music Group on Monday was alone in the European high yield market at the same time that Verallia, the French glass packaging maker, told investors it had cancelled its pay-if-you-can bond offering.

Including redemptions and central bank buying the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise then that seven year deals issued on Thursday by Banco Sabadell and Bank of Montreal were swamped and priced with virtually no concession.

Indian solar power company Azure Power Global has traded down on its debut on the Nasdaq stock exchange after pricing its IPO below the price guidance.

Bermuda’s first bond in three years traded up on Wednesday despite a mixed tone in Latin American credit markets.

Already a pioneering issuer in the currency, the International Finance Corporation (IFC) believes greater regulatory clarity will provide a fresh boost to its onshore and offshore renminbi funding plans, Monish Mahurkar, director for treasury market operations, told GlobalRMB.

The expected closing date of a loan to finance a 379 mile transmission line in Chile has been pushed back as negotiations over interest rate swap provisions continue.

After mandating leads on Wednesday, Bank of Montreal is set to open books on Thursday for what will become the longest Canadian covered bond in euros. Having issued three year and five year deals this year, BMO’s fourth trade of 2016 will be a curve extending seven year.

Lat Am bond bankers said that Donald Trump’s floundering campaign to become US president could help Mexican borrowers as utility Comisión Federal de Electricidad (CFE) returned to bond markets with a 10 year benchmark.

Renminbi globalisation has been successful so far, but now the low-hanging fruit has been picked, Chinese authorities will struggle to push through the next round of reforms, according to Eswar Prasad, professor at Cornell University and senior fellow at the Brookings Institution.

China Resources Pharmaceutical Group will raise as much as HK$15.6bn ($2.0bn) via a Hong Kong IPO after firming up the price range.

Venezuelan state oil company PDVSA’s most recent attempt to exchange short-dated bonds has proven so popular that it has made the deal impossible, according to investors.

Mexican peso futures surged on Monday following the second US presidential debate, rising to their highest level in almost a month as Republican candidate Donald Trump failed to knock a dent in Hillary Clinton’s polls lead.