Americas

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.

The US Commodity Trading Futures Commission (CTFC) is divided over derivative rules as it agreed by split vote on Thursday to accept substituted compliance comparability for Japan uncleared margin rules. And one of its three commissioners, Sharon Bowen, raised a number of concerns for systemic financial risk as she voted against the motion.

Emerging market economic growth managed to hang on to much of its momentum over August, according to the latest release of the IHS Markit Emerging Market Composite PMI index.