Americas

The Canadian state of Quebec has delayed the implementation of a new rule that would require registration for foreign brokers trading derivatives for investors located there.

The European high yield market has a good chance of avoiding contagion from the wider swing away from risk in financial markets, according to investment strategists at Deutsche Bank.

Activity in the covered bond primary market continued at a brisk pace on Wednesday as RBC, DG Hyp, Caffil and Erste Bank priced transactions, taking the deal count this week to 10. Despite mixed receptions, issuers have been able to raise over €7bn, with over €3bn issued on Wednesday, and at levels that look attractive compared to senior unsecured financials.

National Bank of Canada and Bank of Nova Scotia joined the list of Canadian banks heading for euros on Wednesday, but bankers say the market is there for Europeans that want to use it.

Mexican real estate investment trust — or REIT — Fibra Terrafina could become the first borrower from Latin America to bring much-needed bond supply in September as it turns to international markets for the first time.

Markets for VIX products suggest that many traders sold into last week's volatility spike, with mixed results.

Canadian Imperial Bank of Commerce and Toronto-Dominion Bank launched euro floaters on Tuesday morning, and bankers expect fellow North American banks to follow their lead in the next few sessions.

After “particularly ugly” second quarter results, according to one bank’s credit analyst, Moody’s confirmed on Monday that Mexican construction group Empresas ICA’s turnaround was short-lived by placing its B2 rating on negative outlook.

Credit Suisse has named Jorge Eduardo Díaz Barros as Chilean country head after hiring the banker from JP Morgan.

In the wake of a selloff despite People’s Bank of China easing, the China Financial Futures Exchange implemented a series of new rules designed to stop the pain.

Traders this week reversed the recently growing dispersion among some of Europe’s widest iTraxx Crossover credits, with Abengoa rallying sharply as three banks backed the company’s rights issue. But the reprieve was brief and against the tide, say some participants.

Equity capital market bankers, many of them having just completed the traditional late summer migration from deck chair to desktop, put on brave faces this week, as they took in the sudden collapse, then partial recovery, of global stocks.