Americas

Rabobank visited the US market twice this week ahead of what could be another busy summer of dollar funding for European banks.

JP Morgan stormed straight out of earnings blackout with a benchmark trade immediately after kicking off Wall Street results season on July 14, and with rivals emerging from earnings blackout in the coming days, the rest of the month promises to be busy.

Monsanto’s shares moved only a little on Thursday afternoon, suggesting investors are not yet convinced by Bayer’s revelation of a new, slightly higher offer for the company, as it revives its drive to create a global leader in agricultural science.

Comcast shone amid the corporate blackout with a $4.5bn M&A financing this week, as investors continued to show a strong appetite for high-grade paper despite a backup in rates.

The province of Quebec issued a A$75m ($57.3m) tap to its May 2026 Kangaroo bond, taking the total outstanding to A$435m.

In the heady days of 2004-2007, before the Great Moderation came to a shuddering halt, it seemed set in stone that European investment grade credit default swaps traded tighter than their North American counterparts.

OpenDoor Trading has completed a second investment round as it stays on course for an October launch. GlobalCapital spoke to chief executive officer Susan Estes about the firm’s aims not only to help revive liquidity in the US Treasury market but also to become the first US bond trading platform both majority owned and controlled by women.

Banks are set to get a big boost in their markets divisions in their second quarter earnings, if they follow JP Morgan's lead. The US bank, the first to report second quarter earnings, posted a profit increase of 23% in markets after volatility and volumes surged in the aftermath of the UK vote to leave the European Union.

Reporting on earnings for a chaotic second quarter, JPMorgan set a dulcet tone for bank earnings season, showing steady rise on profits in all but two of the banks’ units, and with group profit down only $90m from June last year.

South American sovereign Uruguay raised $1.147bn of bonds on Wednesday via a tap of its 2027s and 2050s in the longest maturity EM sovereign bond sale of the year.

OpenDoor Trading has completed a second investment round as it stays on course for a fourth quarter launch. The firm aims not only to help revive liquidity in the US Treasury market but also to become the first US bond trading platform both majority owned and controlled by women.

New deals from Turkey’s Yapi Kredi, Majid Al Futtaim, and Russia’s State Transport Leasing Company this week prove that CEEMEA has finally shaken off any Brexit-related concerns and is now revelling in its apparent ‘safe haven’ status.