Americas
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Two new borrowers launched deals in the European high yield market on Monday, PVH and Salini Impregilo. Both are double-B rated, like most of last week’s deals. -
Law firm Allen & Overy and financial services firm Deloitte are working together on a solution to help big banks comply with regulations that are due to come into force from September and require margin to be posted on over-the-counter derivatives trades.
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The Argentine province of Salta will meet bond investors this week as it looks to become the latest in a line of sub-sovereigns from the country to offer international bonds.
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Chilean state-owned lender Banco del Estado de Chile’s CFO told GlobalCapital that the issuer would look at issuing more SRI bonds after selling a so-called “women bond” denominated in Japanese yen on Friday.
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US regulators are determined to press ahead with plans to impose margin rules on uncleared swaps from September despite the disadvantage this would cause US dealers, said lawyers, after the European Commission postponed its effective date until mid-2017.
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Eight corporates and one sovereign raised international bonds from Latin America this week as overwhelming technicals, a newly dovish US Fed and fears of post-Brexit trauma led the region’s borrowers to flock to markets.
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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.
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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.
