Americas
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The downgrade of Brazil by Standard & Poor’s into sub-investment grade territory on Wednesday had been seen as inevitable for nearly two months. But when it came, the downgrade was as brutal as it could have been.
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The two Fibras — or Mexican Reits (real estate investment trusts) — lining up to issue are perfect candidates for the volatile conditions in the Latin American market, said LatAm bond bankers.
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LatAm syndicate bankers said Codelco had carried out a perfectly executed trade on Wednesday with its new 10 year, but some highlighted that the re-offer yield should be a lesson to borrowers about the dangers of waiting to issue.
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An improved picture is emerging for credit, said traders and strategists this week, as concerns around global growth and energy prices abate. But the immediate beneficiary is more likely to be the US than Europe, they said, although borrowers on both sides of the Atlantic have a great issuing window.
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An improved picture is emerging for credit, said traders and strategists this week, as concerns around global growth and energy prices abate. But the immediate beneficiary is more likely to be the US than Europe, they said, although borrowers on both sides of the Atlantic have a great issuing window. -
América Móvil on Thursday issued its second exchangeable bond into stock of Koninklijke KPN in just four months, raising €750m after a €3bn issue in May. But this deal, unlike the earlier, was a mandatorily exchangeable structure.
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Nordic Investment Bank re-entered the euro market with its first syndication in the currency in six years on Thursday — a seven year green bond.
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Bank and financial names led a dramatic revival in the dollar primary market this week, printing more than $20bn of bonds after a three week lull.
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On Thursday Intesa Sanpaolo gave US FIG markets its first tier one trade since August and ABN Amro is set to price an AT1 sale next week. With markets looking healthy, more capital trades could follow later this month.
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The pace of new exchange traded fund launches has slowed since the markets’ recent swoon, but issuers are betting that investors will be coaxed by new offerings with hedged currency risks.
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The International Finance Corp (IFC) priced its second ever Islamic bond deal on Tuesday, a rare amortising sukuk and one of two SSA Islamic deals scheduled for September.
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CME Group will launch seven year and 20 year US dollar deliverable swap futures later this month, on September 28, adding to its suite of tenors for the contract.
