Americas

The province of Mendoza was heard to have built a twice subscribed order book the day before pricing an eight year amortising bond that would make it the second Argentine issuer to have tapped international investors since the sovereign returned to the market in April.

Kallpa Generación, the Peruvian power generation company, will begin investor meetings today ahead of a potential debut dollar bond in what would be the first non-sovereign Peruvian new issue of 2016.

Kraft Heinz Foods printed a €1.8bn two tranche note with minimal concessions on Wednesday — a day that produced more than €7bn of primary issuance and proved that investors were hungry for variety in the sectors they buy.

Detroit car maker General Motors on Wednesday received orders totalling more than seven times its €500m bond as it dodged investor weariness with the glut of supply in the market.

Allianz Risk Transfer, with the help of several partners, has created a novel hedge product to protect wind projects against the risks of intermittent wind resources, which deal watchers say could have a major impact on the market.

German specialty chemicals company Evonik Industries launched €1.9bn of loans into syndication on Wednesday.

Primary issuance of euro corporate bonds is catching up fast with the €134bn issued in the first half of 2015 .

Banco Hipotecario, the mortgage lender 58.4% owned by the Argentine government, is looking to raise between $100m-$200m via a tap of its 9.75% 2020 notes sold last November.

Credit Suisse booked its second straight quarterly loss, but beat investor expectations with a win in its wealth management units — the centrepiece of the bank’s turnaround strategy.

Citi has made two senior appointments in its global equities division to fill the gap left by former head Derek Bandeen, who is retiring from the firm.

Concerns of rising central clearing costs are pushing derivative market participants to step up compression initiatives and shrink trade volumes to a post-2007 low, according to an industry report.

A gulf is opening up between wider financial market valuations and those of oil traders, who are pricing options to reflect the lowest chance of a downturn so far this year, even as fundamental risks mount.