Americas
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A serene summer came to an end this week as uncertainty over a possible US interest rate hike brought volatility back to EM bond markets just as slew of Lat Am borrowers were ready to issue. -
Venezuelan state oil giant PDVSA’s proposed debt swap could make its bonds an even more attractive prospect than some investors feel they already are, but economists warned it would do nothing to treat the country’s deep economic crisis.
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Mexican oil company Pemex pressed ahead with a new issue on a tough Tuesday in markets, raising $4bn of seven and 31 year bonds that both traded above par despite Lat Am credit in general remaining volatile on Wednesday and Thursday.
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The dollar market continued to churn out jumbo deals this week as borrowers shrugged off volatility to secure strong order books and healthy new issue premiums.
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ABN Amro got the size and pricing it was after with its first dollar print of 2016, amid choppy market conditions.
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Telenor sold $1.5bn of shares in VimpelCom, the Russian telecoms company, this week, in a combined equity placing and exchangeable bond that were well received, despite the Uzbek bribery scandal that engulfed both companies last year.
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The Chicago Board Options Exchange plans to launch options trading on the FTSE Emerging Index next week, offering market participants exposure to the performance of large and mid-cap companies from advanced and secondary emerging markets.
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Bayer clinched a $66bn agreement to buy Monsanto this week, forming a global leader in farming technology and promising a shower of capital markets transactions that will test debt and equity markets — but may also delight them.
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Interest rate swap trading platform trueEX has set its sights on a narrowing pool of remaining dealers it has not signed up, as the addition of BNP Paribas this week took its market haul to 21.
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Several new avenues for commodities traders have opened up through the Chicago Mercantile Exchange, with trading in the first European Union wheat futures contracts beginning this week and an October rollout slated for the first exchange-traded precious metals spread and ratio futures contracts.
