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The downgrade of Brazil by Standard & Poor’s into sub-investment grade territory on Wednesday had been seen as inevitable for nearly two months. But when it came, the downgrade was as brutal as it could have been.
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The two Fibras — or Mexican Reits (real estate investment trusts) — lining up to issue are perfect candidates for the volatile conditions in the Latin American market, said LatAm bond bankers.
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LatAm syndicate bankers said Codelco had carried out a perfectly executed trade on Wednesday with its new 10 year, but some highlighted that the re-offer yield should be a lesson to borrowers about the dangers of waiting to issue.
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An improved picture is emerging for credit, said traders and strategists this week, as concerns around global growth and energy prices abate. But the immediate beneficiary is more likely to be the US than Europe, they said, although borrowers on both sides of the Atlantic have a great issuing window.
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An improved picture is emerging for credit, said traders and strategists this week, as concerns around global growth and energy prices abate. But the immediate beneficiary is more likely to be the US than Europe, they said, although borrowers on both sides of the Atlantic have a great issuing window. -
América Móvil on Thursday issued its second exchangeable bond into stock of Koninklijke KPN in just four months, raising €750m after a €3bn issue in May. But this deal, unlike the earlier, was a mandatorily exchangeable structure.
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The European Stability Mechanism visited the short end of the curve to bring the largest benchmark from a supranational or agency in 18 months as the euro market goes from strength to strength.
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A £145m trade on Thursday evening in shares of Aldermore Group, the UK challenger bank, came after the FTSE 250 had fallen 0.8%.
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The high grade corporate market in the US roared back to life this week following the Labor Day holiday as borrowers rushed to exploit pent-up demand ahead of next week’s US Federal Reserve meeting.
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Nordic Investment Bank re-entered the euro market with its first syndication in the currency in six years on Thursday — a seven year green bond.
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A pair of oversubscribed deals at the long end of the curve in euros this week has reopened a market that has been moribund for much of the year, as investors come to terms with low yields, writes Tessa Wilkie.
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Chinese premier Li Keqiang defended Beijing’s intervention in financial markets on Thursday, after a collapse in volumes at the China Financial Futures Exchange.
