Americas

HSBC followed through on its plans to issue loss-absorbing senior debt from its holding company on Tuesday, offering a juicy pickup to its curve to dig deep into the dollar market for a $7bn deal.

Ford Motor Credit Company made its debut in the Singapore dollar bond market this week with a S$350m ($251m) transaction that investors were more than happy to put their money into.

Latin America’s pain is Argentina’s gain. A torrid year for bond markets and economic struggles across the region have set the stage perfectly for Argentina — so long the sick man of Latin America — to return to international bond markets with an audacious trade.

A concerted rally of US and European credit and equity in the run-up to next week's European Central Bank meeting has all but eclipsed the blowout that occurred during last month’s turmoil. But traders warn that the market is still highly technical in its behaviour and further heavy volatility may not be far way.

Exxon Mobil on Monday reopened the dollar market for integrated oil companies with its biggest ever trade, as the blistering pace of issuance ensured March got off to a flying start amid stable funding conditions and tight pricing.

The dollar FIG market enjoyed its busiest week of the year as banks emerged from the sidelines to dominate the primary market following a two week rally in credit spreads.

Intercontinental Exchange’s assertion this week that it is mulling an offer for the London Stock Exchange Group, along with rumours of rival interest from CME, has ushered in a ‘phoney war’ with main suitor Deutsche Börse, say market participants — but the ensuing battle makes the future of LSE’s clearing business far from certain.

Toronto-Dominion Bank

The primary market looked less stable on Thursday as a seven year euro deal from Bank of Nova Scotia and a sterling deal from Canadian Imperial Bank of Commerce were slow to build and barely oversubscribed. However, a competing euro seven year from Bankia found strong demand.

The CME Group will launch trading of a new dollar index futures contract in April, in collaboration with Bloomberg, with the new index including the offshore RMB (CNH) as one of its currencies.

Banco Santander Chile will buy back more bonds than originally planned after its tender offer was fully subscribed before the early tender deadline on March 1.

Colombia on Wednesday became the second Latin American issuer this week to announce a European roadshow, although the sovereign is understood to be still pondering over the currency of its next bond.