Americas

HSBC’s second senior unsecured dollar benchmark of the year and a $1.25bn hybrid deal from Citi provided the highlights of a relatively quiet week for financial issuance in the US.

Puerto Rico’s electricity authority has made a proposal to restructure its debt that could mean bondholders recover between 65% and 70% of principal in an exchange offer, following a default on the island's other debt over last weekend.

CME Group has agreed to enter into a joint venture with China Foreign Exchange Trade System and National Interbank Funding Center (CFETS), in a move that positions it to open up CNY denominated markets to foreign investors.

Holidaying investors and less than ideal market conditions proved no obstacle for three European banks which took orders just shy of $40bn to sell $6.35bn of additional tier one (AT1) debt in four sessions.

Spain is often held up as an example of how austerity works, and Markit data published on August 5 provides some support to this view.

Investors swarmed all over Royal Bank of Scotland’s first offering of additional tier one (AT1) paper on Wednesday, which had some bankers recalling the early days of the product.

RBS chose a dual tranche debut in additional tier one (AT1) on Wednesday, and some bankers think the bank’s improving debt story has helped it pay a smaller pick-up than others for a 10 year call.

US futures and options markets have begun to point towards a later rate hike by the Federal Reserve than previously anticipated, say market participants, as macroeconomic risk factors overshadow the country’s stronger economic data.

Export Development Canada (EDC) has priced its inaugural public bond in offshore renminbi and, having beaten its initial size target on the deal, could soon be back in the market.

Rafael Elias has left Crédit Agricole for US firm Cantor Fitzgerald’s emerging market strategy and debt capital markets business.

Mexican building materials company Cemex, has signed $3.79bn of loans including a €620m tranche after an upgrade to BB- from Fitch.

The Asia ex Japan bond market was crowded on August 4 with Oceanwide Holdings and eHi opening books for respective dollar bonds, and Export Development Canada (EDC) and HNA Tourism opting for offshore renminbi (CNH) offerings.