Americas

Canadian Imperial Bank of Commerce took advantage of a back-up in three year euro swap yields following the European Central Bank meeting last week to issue a covered bond of the same tenor.

Mitsubishi UFJ Securities, the US securities business of MUFG, has started US equity research coverage this week, with a new team consisting of four analysts. Coverage will focus on energy, real estate investment trusts (REITs) and technology.

The Basel Committee on Banking Supervision has dropped proposals to ban banks from using agency ratings in their internal risk-weighted asset models, a move which could save the industry the job of raising billions in extra capital.

The IMF changed the weighting formula for its Special Drawing Rights basket ahead of the inclusion of the renminbi last month. However, using the old SDR formula to determine Chinese currency’s weight would have been preferable, according to a former IMF official.

Bolivia’s budget for 2016 includes a $1bn bond issue to finance the construction of hospitals, finance minister Luis Arce said at a press conference in the capital, La Paz.

Spreads on Chile’s sovereigns bonds tightened by 1bp across the curve on Tuesday as Latin America’s best rated country began a fixed income investor roadshow.

Brazil took a step closer to sub-investment grade status on Wednesday when Moody’s placed its Baa3 rating on review for downgrade.

Air Liquide and Saipem loans show that bankers and borrowers are not yet slowing down as they seek to tie up remaining bumper deals they launched in a busy fourth quarter.

Flint Group, the printing and packaging inks supplier, has allocated a €150m add on facility to the six year term loan ‘B’ it signed in May.

Canadian Imperial Bank of Commerce (CIBC) has printed a 10 year note on Monday, its first Swiss franc covered bond since 2012, and its fifth currency in covered bonds this year.

For Venezuelan bonds to jump as much as four points on a day that oil prices reached seven year lows on Monday was surely a sign that something special had happened. But some analysts felt that such will be the impact of Sunday’s parliamentary election in Venezuela that the bonds should have rallied even further.

BlackRock, Bank of New York Mellon and State Street have agreed to include Markit’s exchange traded fund collateral lists in their collateral management schedules.