Americas

BorgWarner, the US car engine and drivetrain maker, furthered the return of reverse Yankee bonds to Europe's corporate market on Monday, by issuing a €500m seven year no-grow deal.

Plunging swap spreads, coupled with data releases and holidays in the US, are set to make dollar benchmark issuance difficult in all but the most defensive of tenors next week, public sector bankers have warned.

Bankers are expecting the Financial Stability Board (FSB) to loosen up its final total loss-absorbing capacity (TLAC) rule, set to be published on Monday, after the Federal Reserve published its own draft consultation of the rule last week.

A supranational issuer is understood to be mulling a visit to the belly of the dollar curve, but may have to pay up to do so as five year swap spreads have fallen into negative territory.

Veritas, the Californian data management company, has become the first US borrower to roadshow for a euro high yield bond in the second half of this year — and bankers say it will soon have company.

The Province of Manitoba has placed its largest ever medium term note in euros, reaching what may be the largest cost effective size possible for swapping the proceeds into Canadian dollars, according to the issuer.

Not content with being the first foreign government to issuing an offshore renminbi bond, the Province of British Columbia (BC) is now aiming to access the reopened onshore Panda bond market as the next step in reinforcing its commitment to China, says Michael de Jong, BC’s Minister of Finance, to GlobalRMB in a phone interview.

Latin America bankers say that a Mexican corporate is likely to announce a roadshow on Thursday after Fibra Terrafina’s debut deal traded well in secondary despite only a modest oversubscription.

A Chicago court has convicted a high frequency trader of ‘spoofing’ and commodities fraud, in a landmark case that could have dramatic implications for the futures market.

Plenty of demand is driving SSA issuance to the shorter end of the curve and into green bonds this week.

The International Swaps and Derivatives Association has published a new version of its protocol addressing withholding tax on equity derivatives, in response to US tax law changes.

BorgWarner, the US car engine and drivetrain maker, furthered the return of reverse Yankee bonds to Europe's corporate market on Monday, by issuing a €500m seven year no-grow deal.