Americas
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A bond issued by Argentine pay TV and broadband provider Cablevision was the clear outperformer in a busy week for Latin American new issues as bankers said hunger for Argentine names was as strong as ever. -
Mexico sold the largest non-guaranteed Samurai deal for at least 15 years this week, taking advantage of negative rates in Japan to clinch a four tranche bond that was priced well inside its previous deals in the market.
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The response to some of this week’s dollar deals has got some bankers believing that next week’s US Federal Reserve meeting might not prove to be the market shutting millstone that it had promised to be just a few weeks ago.
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Credit Suisse took advantage of highly favourable funding conditions to take out $2bn as it took a further step towards meeting its total loss-absorbing capacity (TLAC) requirements.
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Cash continued to pour into the US high grade corporate bond market this week after Janet Yellen appeared to rule out a rate hike in June.
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A resurrection of what should have been last year’s biggest deals from Veritas and a euro deal from Altice point to a leveraged loan market that has returned to good health, writes Max Bower.
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Tumbling volatility over the past months has caused US and European corporate credit risk prices to converge, despite credit investors bracing themselves for diverging monetary policies.
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JP Morgan raised €2.5bn of two year senior floating rate notes on Tuesday, using favourable market conditions to generate a negative new issue premium.
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ANZ became the first Australia-based bank to launch a foreign currency additional tier one (AT1) this week, attracting a blowout book for the $1.5bn trade.
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Bank of Montreal (BMO) issued its debut dollar legislative covered bond on Thursday, achieving the tightest spread of any covered bond issued this year in the currency.
