Americas

The US took a step forward as a renminbi hub in September, when Bank of China New York branch was appointed as the local clearing bank. GlobalRMB met with a representative of the Working Group on US RMB Trading and Clearing to discuss new and future developments.

Bank of America Merrill Lynch posted a post-crisis record for its pre-tax profits in the third quarter this year, supported by eye-popping growth in fixed income, currency and commodities division and in capital markets revenues and profits.

Rising costs for derivatives clearing and difficulties gaining access to dealers present a mounting challenge for small end users in the US and Europe, some of which may have to find other means to hedge risk, a study by the International Swaps and Derivatives Association has found.

Intercontinental Exchange is aiming to beat the London Metal Exchange in a race to offer a London gold futures contract, by rolling out a product in February to support central clearing.

The European Investment Bank was first into the dollar market this week with a three year mandate, the maturity of choice for dollar issuers over the last few weeks. Export Development Canada last Friday sold the first five year dollar benchmark from SSA in several weeks and, while it went well, bankers do not expect other issuers to follow suit.

Panamanian lender Global Bank saw its new five year bonds trade up 50 cents on Friday as an improved credit profile allows the bank to buy back covered bonds using senior unsecured debt.

Revenues at Citi’s fixed income operations soared 35% year on year in the third quarter 2016, helping to offset the overall revenue decline at group as it continues to reduce non-core assets in Citi Holdings.

The Province of Buenos Aires tapped its existing 2019s and 2027s for a total of $750m on Friday to take advantage of still favourable market conditions as syndicate bankers said there was no good reason for borrowers to delay issuance plans.

Panamanian lender Global Bank saw its new five year bonds trade up 50 cents on Friday as an improved credit profile allows the bank to buy back covered bonds using senior unsecured debt.

The US Treasury Department has maintained the view that China is not a currency manipulator in its second report to the congress on the foreign exchange policies of its major trading partners.

Panama-based BAC International Bank is looking to Asia for a $75m three year borrowing, via two lead banks.

BDO Unibank in the Philippines and Industrial and Commercial Bank of China New York branch made their respective returns to the dollar bond market on Monday.