Americas

Tightening pricing to well inside what many market participants had expected did not prevent Argentina holding onto the bulk of its $69bn book and printing more bonds than it had planned on Tuesday in one of the most remarkable trades in recent memory.

When Argentina went to market on Monday, many saw the 30 year as the hardest tranche to execute for a borrower with such a patchy debt history. Yet, after the sweet spot of the 10 year, the long-dated note was the one that attracted most demand.

Argentina’s record-breaking return to international capital markets will be priced much tighter than many investors would have liked. But President Mauricio Macri is exactly the kind of leader EM investors have been looking for, so expect the deal to receive strong support in the aftermarket.

The Province of Ontario is to hit the dollar market on Wednesday with a 10 year benchmark while the Asian Development Bank (ADB) and Oesterreichische Kontrollbank printed deals on Tuesday, as bankers noted the popularity of dual tranche deals in the currency.

Large flows coming into US credit have increased the attractiveness of CDX index options prices versus iTraxx, said market participants this week.

A reversal in trading patterns last week sent the yen as low as ¥109.70 against the dollar, but recent trading has been driven by aggressive hedge funds unwinding long yen positions ahead of a Bank of Japan (BoJ) meeting in late April.

Argentina could hardly have asked for more from Monday’s book building for its return to international bond markets as investors rushed into the largest ever order book for an emerging markets deal.

Hong Kong-listed Samsonite International has wrapped up syndication of a $2.425bn loan for its acquisition of premium luggage maker Tumi.

Wells Fargo quickly drew a large order book for a €3.5bn dual-tranche senior trade on Monday, as it became the first of the US banks to fund in euros after last week’s better than expected results.

The Bank of England governor, Mark Carney, is not being allowed to stay out of the debate over the UK’s membership of the European Union, which is set to ramp up again this week.

The Commodity Futures Trading Commission's Office of the Chief Economist has been accused of blocking studies on politically inconvenient topics.

US investors have crowded into bets on higher volatility, just as stocks have begun to recover.