Americas

The recent commodity downturn has sent LatAm corporate bond yields surging, just as the US looks set to raise interest rates.

RBS runs out of Myles — Barclays folds ABS into credit — Citi raids Deutsche for ECM — Deutsche reignites European derivs with index trader — UniCredit looks internally for HY — MBS litigation vet joins Carlton Fields — Macquarie MD heads to CommonBond

Credit Suisse’s new CEO has signalled a commitment to the bank's corporate finance business. But he will need to invest in it, writes David Rothnie.

Royal Bank of Canada has squeezed in senior funding before going into blackout, finding over €2bn of demand for a five year floater on Thursday.

Royal Bank of Scotland will begin a roadshow for a long awaited additional tier one (AT1) debut on Monday that will be dollar denominated and might feature multiple tranches.

Opsimex, the telecoms tower spin-off of Mexican giant América Móvil, could issue in dollars as soon as Thursday if market conditions are good enough after completing a Ps15bn ($920m) local market bond sale on Wednesday.

With earnings season in the US continuing, the volatility surface for some individual equities has begun to show signs of elevated interest despite muted index activity.

Problems in Chinese and emerging market economies have become the biggest fear for credit investors for the rest of 2015, according to Bank of America Merrill Lynch’s July Credit Investor Survey – having not featured at all as a concern in the bank’s May poll.

Rabobank enjoyed its visit to the dollar market for tier two debt on Tuesday, paying both a lower spread and new issue premium than it would have in euros.

China concerns have failed to dissuade European corporate borrowers from going about their capital markets business this week, with a number of bonds in the works and acquisition loans progressing.

CEEMEA supply is stumbling, with the week’s tally at one deal priced and one deal pulled. But Latin American offers hope of more fresh paper, with Mexican, Brazilian and Caribbean corporates all readying deals.

Brazil and Standard & Poor’s rating actions have a peculiar relationship. In March 2014, S&P downgraded the sovereign to BBB- but the bond market subsequently rallied as the rating agency offered a stable — rather than negative — outlook.