Americas
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The appointment of a renminbi clearing bank in New York is a political win for the China-US relationship that adds to the currency’s global prestige, but it is unlikely to boost RMB trade or investment in the short term, according to experts. -
A green bond to be used to construct Mexico City’s new airport led the way for a storming day of issuance in Latin America on Thursday, leaving no doubt that EM debt markets are still hot.
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Brazilian cement company Votorantim Cimentos (VotoCim) began meeting fixed income investors on Thursday ahead of a potential bond issue that will be used to buy back one or two existing euro-denominated notes.
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The Republic of Argentina is set to continue its huge year of bond issuance with its first euro-denominated trade since its 2001 default. The announcement comes after the finance ministry said it would need to raise up to $15bn of international debt next year.
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A trio of banks tapped the dollar market either side of the Fed meeting to lock in cheap financing in anticipation of tighter issuance windows in the coming weeks.
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UK-listed Shire Pharmaceuticals and France’s Air Liquide led the Yankee charge into the dollar market this week with long awaited M&A financing deals that investors welcomed with open arms.
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National Bank of Canada (NBC), rarely seen in the covered bond market, issued a seven year deal on Thursday and although it offered virtually no concession, it was highly subscribed.
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The roll of iTraxx credit indices this week, coupled with a monthly credit options expiry, prompted a burst of trading activity and brought some surprises — with Crossover trading going against expectations and volatility traders entering into unusually long-dated expiries.
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Blockchain came sharply into focus this week for the derivatives market, as industry bodies warned on both the need for such technology and to regulate its use. Meanwhile, firms rolled out a range of new initiatives to address the market’s mounting challenges around margin and settlements.
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New funding possibilities in the Swiss franc bond market for lower rated issuers have been opened up by a ground-breaking Sfr300m issue for YPF, the Argentine state oil company, writes Silas Brown.
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Intercontinental Exchange, the US based exchange and clearing business, has made main board appointments and named a new chairperson for the board of its ICE Clear Europe subsidiary.
