Americas

Yankee banks plundered the dollar market as the high-grade sector got off to a blistering start following the Labor Day holiday.

The dollar market enjoyed another strong week with a group of issuers printing, but borrowers are looking ahead to a new wave of interest from bank treasuries in Asia — and some are reporting that the demand has already arrived.

The US corporate bond market roared back to life after the Labor Day holiday with a torrent of supply that set the dollar market on course for its busiest September on record.

Last week’s rollout of margin rules for uncleared swaps in the US, Canada and Japan has been characterised by some participants as a ‘mad scramble’ that was lucky to muddle across the finish line without disaster. But having observed the challenges the US faced, European regulators must think carefully about how they implement their own margin deadlines, sources have warned.

Mexico-based lender Banco Inbursa — part of the Carlos Slim empire — began marketing a planned 10 year senior unsecured bond on Thursday as it looks to tap international bond markets for the first time in over two years.

CME Group has expanded its reach in both Asia and Latin America, with Hong Kong and Mexico recognising the firm as a central counterparty (CCP).

Thermo Fisher Scientific, the US medical equipment manufacturer, on Wednesday pulled in €6.6bn of orders for a €1.6bn dual tranche transaction backing its acquisition of FEI on Wednesday.

Brazilian telecoms giant Oi’s bonds fell in secondary markets after the company filed a restructuring proposal at a Rio de Janeiro court on Monday night.

Adams Street Partners has added four to its private debt team in New York as it looks to expand the business following the hires of Oaktree executives Bill Sacher and Shahab Rashid in January.

Goldman Sachs has reshuffled the management of its sales division following the retirement of Tom Cornacchia, co-head of global FICC sales, after 14 years at the firm.

Kernel — Podravka — Masisa — Fabory

Bank of Nova Scotia issued the first sterling fixed rate covered bond in 18 months in a larger than expected size and at a funding level that was not possible in either euros or dollars.