Americas

Credit Suisse has named Jorge Eduardo Díaz Barros as Chilean country head after hiring the banker from JP Morgan.

In the wake of a selloff despite People’s Bank of China easing, the China Financial Futures Exchange implemented a series of new rules designed to stop the pain.

Traders this week reversed the recently growing dispersion among some of Europe’s widest iTraxx Crossover credits, with Abengoa rallying sharply as three banks backed the company’s rights issue. But the reprieve was brief and against the tide, say some participants.

Equity capital market bankers, many of them having just completed the traditional late summer migration from deck chair to desktop, put on brave faces this week, as they took in the sudden collapse, then partial recovery, of global stocks.

Global equity and debt markets rallied on Tuesday, while volatility subsided, after the People’s Bank of China cut its one year lending rate. But for hard hit emerging markets, more pain could be on the way.

The International Finance Corp (IFC) will head to the Middle East for investor meetings later this month after receiving a rating for its prospective $100m sukuk.

For the third quarter this year (April to July), profits at Royal Bank of Canada’s capital markets division fell, but the numbers still look strong.

The recent high volatility across equity markets has opened up opportunities for traders to deploy strategies that were unprofitable during long periods during the post-global financial crisis era.

The International Finance Corp (IFC) is planning just a $100m sized deal for its second ever sukuk transaction, according to a Standard & Poor’s rating report released on Wednesday.

Frankfurt-listed Snowbird, a Chinese down manufacturer, has cancelled plans to seek a secondary listing in Singapore, amid a wave of panic selling that has gripped stock markets this week.

Even the strongest companies are not safe. When Mexican state oil company Pemex — alongside the Mexican sovereign — was awarded an A3 rating in 2014 the talk in the market was of the country’s energy reform helping it to bridge the gap between emerging and developed markets.

Whatever the wisdom of tailoring monetary policy to the gyrations of the global equity markets, the Fed’s likely caution could clear the way for a wall of FIG supply once calm returns.