Americas

On Thursday Intesa Sanpaolo gave US FIG markets its first tier one trade since August and ABN Amro is set to price an AT1 sale next week. With markets looking healthy, more capital trades could follow later this month.

The pace of new exchange traded fund launches has slowed since the markets’ recent swoon, but issuers are betting that investors will be coaxed by new offerings with hedged currency risks.

The International Finance Corp (IFC) priced its second ever Islamic bond deal on Tuesday, a rare amortising sukuk and one of two SSA Islamic deals scheduled for September.

CME Group will launch seven year and 20 year US dollar deliverable swap futures later this month, on September 28, adding to its suite of tenors for the contract.

Calm returned to US large cap stocks this week, but implied volatility measures have remained higher than pre-spike averages as investors remain cautious ahead of the Federal Reserve’s meeting next week.

Mizuho has hired Richard Thompson as co-head of US private placements.

Brazil’s downgrade to junk will come as little surprise to market observers, given the increasingly bearish sentiment seen in Brazilian sovereign bonds.

Intesa Sanpaolo will price a 10 year AT1 note this week, becoming the latest European bank to enter the capital market after ABN Amro announced its inaugural euro AT1 deal yesterday morning.

Chilean government-owned copper miner Codelco raised $2bn of 10 year notes on Wednesday in a deal that provoked debate about the size of the new issue premium but was unanimously considered a positive for the LatAm market.

Standard & Poor’s put the Brazilian sovereign into sub-investment grade territory late on Wednesday in a move that came sooner than most had expected but had already been accepted as inevitable.

Caisse Centrale Desjardins (CCDJ) launched a two year floating rate note on Wednesday, making itself a belated addition to last week’s list of Canadian banks printing euro floaters.

General Shopping Brasil has exercised its right to defer the payment of interest on its $150m 12% perpetual subordinated notes, meeting the expectations of credit analysts.