Americas

Mexican development bank Banco Nacional de Comercio Exterior (Bancomext) will meet bond investors between Wednesday and Friday as Latin America’s new issue pipeline, deserted for so much of this year, continues to grow.

Mexico-headquartered home appliance company Controladora Mabe received a positive outlook from Standard & Poor’s on Friday afternoon, leaving the issuer close to investment-grade status just as it meets bond investors.

Trading for the Chicago Board Options Exchange's equity volatility futures expanded rapidly in recent weeks as investors girded for a possible rate hike from the Federal Reserve.

The People’s Bank of China (PBoC) said on Friday that it has appointed the local branch of Industrial and Commercial Bank of China as the renminbi clearing bank for Argentina. The country becomes the second official RMB hub in Latin America, following the footsteps of Chile.

Troubled Brazilian shopping centre owner General Shopping Brasil has launched a heavily discounted tender of its 10% senior perpetual notes in an effort to reduce its dollar debt, although Fitch says that a debt restructuring is “likely to occur in the near future”.

European FIG issuance is expected to resume next week after the Federal Open Market Committee decided against raising interest rates on Thursday. Borrowers had approached the announcement with caution, but steady rates should allow normal trading to resume.

DCM bankers covering Brazil are hopeful that liability management exercises from financial institutions may provide them with something to do in the coming weeks as the new issue market suffers depressed volumes.

Bankers are preparing for a torrent of dollar high grade issuance after the US Federal Reserve voted to keep rates on hold on Thursday.

Buy and sell side credit traders expressed disappointment on Thursday, after the US Federal Reserve elected to keep interest rates on hold.

As derivatives markets girded for an FOMC announcement on Thursday, some traders said they were exhausted with speculation about the timing of a hike.

Covered bond issuers failed to take heed of poor market conditions and, just like lemmings, followed one another with poorly performing deals this week.

There was speculation this week among credit market participants that a recent high profile US legal settlement could open the door for a wider array of credit default swap clearing houses and exchanges. But firms at the heart of the battle refused to be drawn on whether the outcome could change the structure of the market.