Americas

Royal Bank of Canada launched a €1bn three year floater on Tuesday, adding a euro trade to its recent activity in dollars and sterling before it enters a blackout period in November.

The euro FIG market may lose the business of some US banks in the looming results reporting season, because it can’t compete with the depth of demand on offer in dollars.

As the primary US banks prepare to release earnings for the third quarter there is little sign of panic in options markets despite overwhelmingly negative expectations.

Uruguay finance minister, Danilo Astori has told GlobalCapital that the country will mandate banks for a global bond in the coming days, with at least three Latin American governments preparing to raise international debt before the year is out.

China’s economic slowdown and the collapse of commodity prices have taken their toll on Latin America, which is now moving towards negative growth this year, according to the IMF and the World Bank.

Two Yankee issuers enjoyed the full attention of investors amid improving market conditions this week.

SumitG bears some striking improvements to Figsco, a similarly structured triple recourse deal that never made it to the market. These include a simpler guarantee, better transparency, cleaner collateral and more of it, as well as more frequent third party checks. But ultimately investors may only need to take a view on its recourse to Sumitomo Mitsui Trust Bank’s €320bn balance sheet.

Banco ABC Brasil this week became the fourth Brazilian lender and the sixth issuer from the country in a month to launch a tender offer for existing debt as low dollar prices make bond buybacks attractive.

Mexican green financing may get a lift on two fronts as the country moves towards its target of having 35% of its energy come from renewable sources by 2024.

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.

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.