Americas
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Another torrid week for Brazilian credit had investors predicting the sell-off in the country’s assets had further to run despite some names looking cheap at first glance.
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The expected deluge of high-grade issuance stumbled after a strong start as volatile market conditions sent issuers scampering to the sidelines. -
Mondelez followed up its Swiss franc debut in March with a second successful outing this week, taking the total raised in the currency this year to Sfr1.075bn.
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Yankee and US banks dictated the pace of dollar supply as they moved early to print TLAC-friendly trades ahead of the publication of the final regulatory rules.
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UBS pulled in $13bn of demand for a holdco senior debut in dollars this week, which for some bankers showed the gulf between attitudes towards loss-absorbing debt on either side of the Atlantic.
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Coca-Cola made an impressive debut in Swiss francs on Tuesday with a three tranche deal that matched Shell’s August record-breaker in size.
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Pemex looks set to return to the Swiss franc market for the first time in three and a half years after announcing plans to meet investors in Switzerland next week.
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Traders have welcomed IntercontinentalExchange’s plans to launch a cotton derivative contract aimed at solving problems faced by international producers and consumers.
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Pemex looks set to return to the Swiss franc market for the first time in three and a half years after announcing plans to meet investors in Switzerland next week.
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Coca-Cola made an impressive debut in Swiss francs on Tuesday with a three tranche deal that matched Shell’s August record-breaker in size.
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BNP Paribas dipped into the US dollar market on Monday, meeting its tier two funding requirement for this year in the process. Jubilant markets on the day enabled the issuer to print with just a 4bp new issue concession.
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Société Générale navigated a change in market sentiment on Tuesday when pricing its latest dollar additional tier one (AT1). Softer markets meant the issuer was forced to offer a premium over rival bank bonds.
