Americas

Coca-Cola made a smash and grab raid on the dollar bond market on Monday as it jumped in ahead of a predicted onslaught of supply next week.

Five banks raised more than $10bn in the senior unsecured dollar market this week, exploiting strong demand and at spreads that were in line with where covered bonds would have priced.

The Province of British Columbia added a pinch of Masala to its funding menu on Thursday, printing at the tight end of guidance as it became the first foreign sovereign or sub-sovereign to enter the market.

The Brazilian senate’s vote to formally remove president Dilma Rousseff from office had already been priced into bond markets, according to bankers, though the vote appeared to have done no harm to issuance chances as Minerva announced a roadshow on Wednesday.

The Financial Stability Board has singled out removing barriers to over-the-counter derivatives reporting as a priority for G20 leaders ahead of their summit in Hangzhou this weekend.

General Motors Financial, the financing subsidiary of the US automotive giant, hit the European corporate bond market with speed on Wednesday as it issued a benchmark transaction.

The Province of British Columbia will dip into the Masala bond market for the first time with a January 2020 bond on Thursday.

The Central American Bank for Economic Integration (Cabei) ventured into Taiwan’s Formosa bond market for the third consecutive year, raising Rmb700m ($105m) from a three year note.

Symbiont, a startup technology firm specialising in smart contracts and distributed ledgers for financial markets, has named a former Morgan Stanley senior banker as president and chairman of its board of directors.

Coca-Cola came for euros on Tuesday with a 20 year bond that was priced aggressively, as a slug of borrowers took aim at the market.

HSBC Private Bank in the US has chosen a former EMEA DCM head at the group to lead its investment services and product solutions.

Fitch placed recession-hit Ecuador’s B rating on negative outlook at the end of last week but bond investors took little notice as the sovereign’s 2022s, issued in late July, reached 11 points above par.