Americas

Poseidon Containers, the Greek shipping company, has suspended its plan to list on the New York Stock Exchange, blaming unfavourable market conditions.

ING Bank launched a dual tranche benchmark in dollars on Monday morning, as the currency continues to provide a funding outlet for European banks.

Brazil’s rapidly falling currency may be a symptom of ever increasing economic pain in Latin America’s largest economy, but it is lending a helping hand to the country’s exporters — in particular food company BR Foods (BRF).

Iochpe Maxion, the Brazilian group that makes more vehicle wheels than any other company in the world via its Maxion Wheels division, said on Friday that it is considering turning to cross-border bond markets for financing.

Last month we noted that market-based measures of implied volatility had fallen considerably as Chinese indexes stabilised, developed market equities moved toward recent highs and commodity selloffs were contained. Two weeks later, we find that volatility risk premiums have fallen further in most cases, as traders price in less risk during a seasonally quiet period.

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.