Banks

Just two months after a dovish US Federal Reserve lured América Móvil to the dollar bond market for the first time in eight years, the Mexican telecoms giant was again able to make the most of benevolent central bank talk on Wednesday as it jumped on a rates rally in Europe for its first euro trade since 2016.

Mexican lender Banorte became the latest Latin American borrower to clinch new debt with exceedingly tight pricing on Thursday, as bond investors showed their hunger stretched beyond top-rated paper.

The rally set off European Central Bank president Mario Draghi's assertion on Tuesday that further quantitative easing was possible, if not probable, had reached a level by Wednesday that astonished bankers. Three investment grade companies took advantage that day with benchmark bond issues, while one brought a tap.

A managing director in JP Morgan’s emerging markets team has retired.

A group of pre-IPO shareholders in Adyen, the Dutch payments company, have sold €311.8m of stock in response to reverse enquiries from investors. The Slovenian government also took advantage of the momentum in the blocks market to sell another 10% of NLB, the country’s largest bank.

Bank of China’s UK entity has signed up to LCH’s SwapClear service to clear interest rate derivatives.

Akash Garg is set to join BNP Paribas to trade emerging market credit next month.

The Republic of Serbia’s first international bond in six years — a euro 10 year deal — has drawn a healthy book of over €4.5bn.

Black Sea Trade and Development Bank has updated price talk for its five year dollar benchmark with order books around $1.7bn.

Santander Consumer Finance breezed through the market with a new five year senior bond on Wednesday, as FIG bankers predicted that there would be a pause for breath in the primary market after a frantic few weeks for new issuance.

Investors looking for some extra returns in the financial institutions bond market after an impressive rally this year have started seeing value in additional tier ones with low reset spreads, despite the risk that the bonds will not be called at the first opportunity.

Hong Kong’s securities watchdog has fined Credit Suisse HK$2.8m ($357,770) for failing to meet disclosure requirements when publishing research reports about Hong Kong-listed securities.