Americas
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The International Finance Corp (IFC) opened books on its second ever Islamic bond deal on Tuesday, a rare amortising sukuk and one of two SSA Islamic deals scheduled for September. -
Barclays began marketing a multi-tranche Samurai trade on Monday, as some FIG bankers claimed European banks were still baulking at the new issue premiums being offered by US visitors to the euro market.
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Bond prices in the secondary market, alongside recent analyst reports, suggest a belief that Venezuela will meet its immediate debt obligations. But the prospects for next year appear murkier.
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The release of non-farm payroll data in the US did not deter Goldman Sachs from entering the senior unsecured market on Friday, as it became the latest in a line of North American banks to issue euro floaters.
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Two Fibras — the Mexican version of the US real estate investment trusts (Reits) — are considering issuing dollar bonds in September, said bankers, finally providing some visible potential supply to LatAm’s bare pipeline.
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Recent global volatility stemming from China’s stock market battles has prompted debate among credit traders about the potential impact of a US rate rise this month, and fears for the consequences should it be pushed back to a later date.
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As Lindorff's market-opening deal proved on Thursday, the European high yield market has a good chance of avoiding contagion from the wider swing away from risk in financial markets — but a comeback like the stunning rallies in January and July is unlikely.
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Yankee bank deals are expected to take centre stage in a resurgence in high grade issuance when the dollar market reopens after its three-week hiatus.
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Covered bonds proved their worth this week as, despite difficult market conditions, 10 borrowers were able to collectively raise more than €8bn at levels that looked attractive compared to senior unsecured financials.
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Oil prices have rebounded from recent lows sending both investment grade and high yield oil and gas bonds to trade tighter than last week’s all-time highs.
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