Americas

ZTO Express has revealed the terms for its upcoming $1.3bn US IPO, which will be the largest listing in the country by a Chinese firm since Alibaba Group Holdings' $25bn float in 2014.

Rules proposed by the US Commodity Futures Trading Commission this week on cross-border swap trading are a good first step, according to lawyers, but more clarity is needed on how Dodd-Frank requirements will apply.

The European subsidiary of Matthews, a US provider of 'memorialisation products', such as caskets and memorial plaques, has launched a €50m Schuldschein, which could grow based on demand from lenders.

Almost 72% of noteholders have participated early in the Panamanian covered bond lender’s tender offer.

Asia is gearing up for a bumper week of IPOs, with two $2bn deals launching on Monday and other smaller-sized floats vying for investor attention in what has been an action-packed October.

CFE provided a strong base for fellow Mexican quasi-sovereign Nacional Financiera to issue as soon as next week after selling a long 10 year bond on Tuesday that tightened 10bp-12bp in the two days after pricing.

Bolivia-headquartered multilateral lender Fonplata could issue a debut bond in 2018 after securing a capital increase from its five members earlier this year, its executive president Juan Notaro told GlobalCapital.

Including redemptions and central bank buying, the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise, then, that three seven year deals issued this week by Ibercaja, Banco Sabadell and Bank of Montreal were swamped with demand.

The European Stability Mechanism is close to deciding on the format its first dollar benchmark will be printed in, while a deal due this Friday could open up to longer dated tenors what has already been an extremely strong dollar market in the three year part of the curve.

US borrowers exploited a quieter week to pre-fund their 2017 maturities, enjoying strong demand and tight pricing as the prospect of an interest rate rise from the Federal Reserve loomed.

Deutsche Bank led a trio of Yankee borrowers in an opportunistic dash for dollar funding, as US banks were confined to the sidelines because of an earnings blackout.

Maturing deals issued by Washington Mutual and National Bank of Greece show covered bonds doing precisely what they're supposed to — redeem in full and on time.