Americas

Four banks from four jurisdictions got the FIG market off to a frantic start on Monday, and bankers think many more borrowers could hit screens before the European Central Bank meets on Thursday.

América Móvil, the Mexican telecommunications firm, took advantage of a rally in emerging market debt to open books on its debut euro-denominated bond with a tight concession on Monday.

Hutchison China MediTech (Chi-Med), the drug-making arm of Hong Kong billionaire Li Ka-shing’s Hutchison Whampoa, has opened books for its $100m IPO on the Nasdaq.

The arrest of former Brazilian president Lula da Silva gave new urgency to a strong rally in Brazilian bonds on Friday after the market appeared to take the detention as a sign that president Dilma Rousseff was closer to impeachment.

Citi has hired two executives in equity derivatives from Goldman Sachs.

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.