Americas
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The budding Chinese Panda bond market is about to get its second Canadian issuer with the National Bank of Canada establishing an up to Rmb5bn ($750m) programme. -
Chinese data analytics firm Gridsum Holdings has raised $82m after global investors piled in to its Nasdaq IPO.
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Azure Power Global, the holding company of Azure Power India, opened books on Thursday for a listing on the New York Stock Exchange, and is targeting as much as $180.3m.
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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.
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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.
