Americas

A spate of dim sum MTN issuance that began with Australian banks has spread to include Canadian, Middle Eastern and European institutions.

Credit Suisse launched a three-tranche holdco senior deal worth $4.5bn on Wednesday, taking advantage of the US market's slimmer premiums and deeper liquidity.

JP Morgan may have beaten expectations with a 22% drop in profits at its investment bank, but the severity of the decrease augurs ill for other banks this earnings season.

US Circuit judge Christopher Droney removed the final obstacle in Argentina’s path to markets on Wednesday, provoking a rally in the government’s that could scarcely have been better timed.

The International Swaps and Derivatives Association and other industry bodies have called on global regulators to drop dual-sided derivatives trade reporting and instead accept an entity-based approach.

Nomura’s restructuring of its overseas activities has led to several senior directors in leveraged finance in both the US and Europe leaving the bank this week.

Investments in Brazilian sugar companies have often ended with a distinctly bitter taste for bondholders as the sector has battled low prices for the commodity and a severe currency devaluation. Those who bought USJ Açúcar e Álcool’s $275m 9.875% 2019s in December 2012 are facing familiar pain.

Empresa Eléctrica Angamos, the Chilean power generation company, will buy back at least $187m of its senior secured notes due 2029 as part of a tender offer but extended the early bird deadline and increased the maximum size in a bid to entice more investors to offer up their holdings.

Relentless focus on political risks in the UK and US has prompted some overwrought analysis of option volatility curves.

Bank of Montreal (BMO) issued a €1.5bn five year covered bond on Wednesday, and despite the deal’s large size, it paid a modest new issue concession with an overall cost of funding that was lower than recent Scandinavian deals. The deal followed Canadian Imperial bank of Commerce (CIBC) which issued the first Australian dollar covered bond of 2016.

Camposol, an agribusiness operating mainly on Peru’s Pacific coast, is asking investors to swap existing 2017 bonds for a new five year deal to buy itself time during a period of tight liquidity.

Bank Nederlandse Gemeenten, FMO, Japan Bank for International Cooperation and the Province of Quebec all hit screens on Monday for forthcoming dollar deals, with bankers remarking that the SSA market could be set for another hectic week.