Americas
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The brutal sell-off that afflicted Brazilian bonds in July appears to have slowed somewhat amid the low trading volumes of August, though economic bad news and political troubles show no sign of abating.
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Though this month has been one the quietest Augusts in the memory of many Latin America bankers, Peru was correct to anticipate US rate rises by issuing its first new dollar benchmark since 2010 on Tuesday, they said.
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A pair of European banks took advantage of a window of issuance before the US holiday lull this week to price new dollar benchmarks.
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Changes to rules governing the composition of US credit index CDX HY will improve the product’s relevance to debt markets and help address its recent disconnect from cash bonds, said market makers.
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Project bond supply could be on the way from Colombia after Goldman Sachs committed to provide $1.2bn for the first leg of the financing of the country’s $25bn so-called 4G infrastructure programme.
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Futures markets suggest that traders have already priced in a US September rate hike, implying that the impact of the move may not be as dramatic as once feared.
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Banco ABC Brasil, a subsidiary of Arab Banking Corp (Bank ABC), has closed syndication for its $150m two year loan, increasing the deal to $200m. -
Colombian oil company Pacific Rubiales’ decision to change its name may be a “milestone” for the company’s CEO but it means nothing to bondholders who appear ever more pessimistic that the issuer’s bonds will survive lower oil prices in tact.
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Weak demand signals from China and increasing currency volatility have extended losses for the copper futures and options market.
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The dollar market for SSAs kept up this week’s sizzling form on Wednesday, as another issuer mandated for a benchmark — bringing the total for what is historically a quiet week to four deals.
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The Republic of Peru took advantage of a deserted primary bond market in Latin America to issue its first new dollar benchmark since 2010 on Tuesday.
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South Africa is experiencing a difficult week in credit markets, with credit default swaps that reference its debt hitting their widest point for two years.
