Americas
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Peru’s ability to decouple itself from troubles in emerging markets should safeguard its standing in global debt markets as it becomes a more frequent issuer, said the country’s bond head.
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Rolls-Royce this week injected some life into the primary US dollar bond market’s stuttering new issue engine with its first deal in 22 years. -
Electricité de France this week delivered a lesson in execution and timing as it hoovered up pent up demand for paper as corporate America skulked in earnings blackout amid perkier market conditions.
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Royal Bank of Canada issued the first dollar denominated Canadian deal in three months at the widest spread this year, while Münchener Hypothekenbank supplied the only euro deal of the week.
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Mixed fundamentals among US oil producers have caused the futures curve for WTI Crude to flatten, as spot prices rise.
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Goldman Sachs and Sumitomo Mitsui Trust Bank are set to start marketing SumitG, a bond backed by a portfolio of RMBS, but secured by claims against both institutions. Goldman will be hoping to avoid the fate of last year's Figsco issue, a note with a similar structure which never made it to market. Bill Thornhill reports.
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Brokers and traders scoured for signs of market appetite this week for new short term VIX options which began trading on Thursday.
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SSA borrowers shrugged off a hiccup by the Province of Ontario this week to issue a series of strongly supported benchmark euro deals.
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Futures markets are discounting the likelihood of a rate hike by the US Federal Reserve despite Chair Janet Yellen’s guidance, with traders playing wait-and-see along the yield curve.
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SumitG, a triple recourse programme sponsored and guaranteed by Goldman Sachs Group and Sumitomo Mitsui Trust Bank, will be backed at first entirely by senior tranches of European and Japanese RMBS. Over half of the collateral will be rated triple A, and none of the bonds are below A minus. Despite this the deal gets no rating benefit from the collateral pool.
