Americas

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.

Chinese banks now hold four of the top five spots in SNL Financial’s ranking of the world’s largest banks, while Europe’s global footprint is shrinking.

Foreign exchange settlement firm CLS has teamed up with LCH.Clearnet’s ForexClear platform to develop a service that will enable physical settlement of cleared FX products.

Increasing volatility correlation across different asset classes could be an early warning sign of a financial crisis, some investors and strategists have warned, even though options prices have yet to convey any panic.

The Chicago Board Options Exchange has introduced 10 equity option strategy indices to the investment world, with intra-day valuation.

UBS has taken over $7.5bn of orders for its latest AT1 offering, an impressive feat given the trade was Reg S only and was executed on the last Friday of July.

Bond market participants were left pondering whether the sell-off in Brazilian assets had been exaggerated after a negative outlook from Standard & Poor’s triggered a rally and stabilisation in credit spreads in the country.

With emerging market currencies taking a battering across the globe, local currency bond issues continue to be a tough ask. However, innovations in the Mexican market are providing an encouraging grounding for future deals.