Americas

The Ontario Teachers’ Pension Plan (Teachers’) has appointed Nicole Musicco to helm its Hong Kong operations in a newly created position. The move demonstrates the growing importance of the Asia Pacific region for the fund, which invests across asset classes.

The International Swaps and Derivatives Association is likely to have to change its licensing practices as a result of a $1.9bn credit default swaps price fixing settlement by banks, according to a source familiar with the case.

Bank of Montreal (BMO) returned to the covered bond market for the fourth time this year to issue its third benchmark in euros. At seven years, the tenor was longer than the borrower’s previous two benchmarks, but at €1bn it was considerably smaller even with a wider spread.

Intesa Sanpaolo’s inaugural AT1 note, which was priced 7.7% on Thursday, was hailed as an impressive trade by London bankers.

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.

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.

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.

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.

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.

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.

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.