Americas

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.

US Treasury markets pulled back on Tuesday, reversing direction from the previous session’s rally, as nervousness crept in ahead of the Federal Open Market Committee announcement on Wednesday.

It is with great pleasure that GlobalCapital announces the nominees for its Global Derivatives Awards 2015. The winners will be unveiled at a gala dinner in London on September 24.

Bank of America Merrill Lynch followed the lead of most US rivals by choosing to stay in dollars for post-results funding this week.

Fitch removed the positive outlook from privately owned Brazilian bank BTG Pactual’s ratings on Monday, saying the deterioration in the operating environment in Brazil outweighed the positive effects of the acquisition of Swiss private bank BSI.