Americas

State-owned oil giant Pemex became the second Mexican company to raise euro denominated debt this week, following the same strategy it took in dollars earlier in the year by focussing on the short end of the curve.

Far from a signal of returning strength in commodities, this week’s iron ore surge was due to freak activity in derivatives markets, an analyst has claimed, since daily futures volumes were equal to the annual output of big iron ore producers.

Berkshire Hathaway drove a pre-ECB meeting rush of issuance on Wednesday as the conglomerate wasted no time following its giant seven tranche bond issued in the US market on Tuesday.

Emerging market investors have plenty of opportunity to pick up corporate debt this week with Mexican oil and gas giant Petroleos Mexicanos (Pemex) returning to euros and Koc Holding in dollars.

Tata Steel is holding conversations with banks to refinance debt related to its Canadian operations. The talks come even as the company is a week away from winding up a $1.5bn refinancing for its Singapore subsidiary.

Hutchison China MediTech’s (Chi-Med) $100m IPO on the Nasdaq has been oversubscribed three days into bookbuilding, according to sources close to the transaction.

The Province of Buenos Aires is likely to provide an early test of appetite for Argentine credit on Wednesday after completing a roadshow with Citi, HSBC and JP Morgan.

CME Group will be the first clearing house to clear interest rate swaptions, starting from next month, the firm has said.

Exchange operator Bats Global Markets and T3Index have launched an index measuring expected 30 day volatility in the SPDR S&P 500 ETF (SPY), the most frequently traded security in the world.

Mexican cement firm, Cemex has persuaded its banks to change the leverage covenants on its $1.9bn credit facility after its business suffered in the wake of exchange rate volatility and crashing oil prices.

Mexican telecoms giant América Móvil become the first private sector firm from Latin America to issue international bonds on Monday, raising €1.5bn of euro-denominated paper with a tighter new issue premium than most of the region’s sovereigns have managed recently.

OpenDoor Trading, a trading platform that aims to improve liquidity in off-the-run US treasuries and treasury inflation protected securities (TIPS), has appointed two senior fixed income officials to its board of advisors.