Americas
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Covered bond new issue premiums fell on Tuesday as four borrowers launched deals worth over €2.5bn in total, on collective demand of about €5bn. LBBW’s second deal of the month was priced 1bp tighter than its last bond, even though it was two years longer. Bankia was set to issue at less than half the concession paid by peripheral borrowers last week, while Bank of Montreal and Bank of Nova Scotia were set to price in line with recent Canadian predecessors.
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Credit default swaps referencing Brazil have hit their widest levels of the year, with the continuing crash in commodities weighing heavily on those names most exposed and adding to a raft of other woes for the country. -
Despite earnings season confirming the worst for energy companies and some having announced major write downs, US equity volatility is yet to stir.
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Israeli pharmaceutical company Teva has 15 days to raise $33.75bn of funds to buy US firm Allergan's generics business.
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Brazilian credits had yet another tough day on Friday to complete a torrid week for the country in bond markets. The rough ride has put at least one issuer off of coming to market.
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A torrid week in secondary markets for Brazilian credits meant that no bankers were surprised that industrial conglomerate Cosan opted not to issue on Thursday having completed investor meetings on Wednesday ahead of a planned 144A/Reg S deal.
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Global finance needs global regulation. Everyone acknowledges it, but everyone ignores it.
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Earlier in July, every market tracked in our recurring indicator of option implied volatility showed pricing at above-average levels. US and European large-cap stocks had short term put options priced more than two standard deviations above their average levels. Hang Sang Index options were five standard deviations higher: as mainland investors discovered the sell button and margin calls rolled in, both A- and H-shares briefly gave back all of their gains year-to-date.
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Bayside Capital, a credit investment firm and affiliate of private equity house HIG Capital, has lost a managing director and a founding member of its European credit platform.
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ABN Amro was inundated with orders as it exploited a lack of subordinated supply by Yankee issuers to print its inaugural tier two offering in dollars.
