Americas
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North American banks took advantage of the opportunities offered by euros this week, as the dollar market remained quiet ahead of Labor Day on Monday. The deals showed the FIG sector regaining its poise after the recent bout of volatility, said bankers. -
Wells Fargo attracted strong demand for a seven year senior unsecured deal on Thursday, as investors returned en masse to the European FIG market.
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The Canadian state of Quebec has delayed the implementation of a new rule that would require registration for foreign brokers trading derivatives for investors located there.
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The European high yield market has a good chance of avoiding contagion from the wider swing away from risk in financial markets, according to investment strategists at Deutsche Bank.
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Activity in the covered bond primary market continued at a brisk pace on Wednesday as RBC, DG Hyp, Caffil and Erste Bank priced transactions, taking the deal count this week to 10. Despite mixed receptions, issuers have been able to raise over €7bn, with over €3bn issued on Wednesday, and at levels that look attractive compared to senior unsecured financials.
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National Bank of Canada and Bank of Nova Scotia joined the list of Canadian banks heading for euros on Wednesday, but bankers say the market is there for Europeans that want to use it.
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Mexican real estate investment trust — or REIT — Fibra Terrafina could become the first borrower from Latin America to bring much-needed bond supply in September as it turns to international markets for the first time.
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Markets for VIX products suggest that many traders sold into last week's volatility spike, with mixed results.
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Canadian Imperial Bank of Commerce and Toronto-Dominion Bank launched euro floaters on Tuesday morning, and bankers expect fellow North American banks to follow their lead in the next few sessions.
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After “particularly ugly” second quarter results, according to one bank’s credit analyst, Moody’s confirmed on Monday that Mexican construction group Empresas ICA’s turnaround was short-lived by placing its B2 rating on negative outlook.
