North America
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In an effort to please their bankers, US corporate treasurers have increasingly been using a mechanism called a risk participation agreement (RPA) as a way to divvy up swaps business to more parties, writes Ross Lancaster. -
Teva, the Israeli-US pharmaceutical company, priced a $2.1bn bond package at the tighter end of the initial price thoughts this week. While it is yet to come to a settlement over its alleged involvement in the US opioid crisis, investors were happy to jump aboard a rare double-B issue yielding up to 7%.
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The retirement of Samir Assaf, HSBC’s long-serving head of global banking and markets (GBM), paves the way for a long overdue restructuring of that division. This will test the bank’s new-look management team.
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A slump in revenue growth during an economic downturn could trigger a change in investors’ risk appetite and a “widespread” sell-off of corporate bonds, the Organisation for Economic Cooperation and Development warned on Thursday.
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The Province of Ontario is keeping a close eye on foreign markets as it considers whether to follow Wednesday’s Canadian dollar green bond with a foreign currency issue.
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Israeli-US pharmaceutical company Teva has priced a $2.1bn bond package at the tighter end of initial price thoughts. Although Teva is still to sign a binding global settlement on its involvement in the opioid crisis, investors were happy to jump aboard a rare double-B issue yielding as much as 7%.
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The Province of Ontario hit screens on Tuesday afternoon with initial price thoughts for a C$750m no-grow tap of the February 2025 bonds.
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The Fédération des Caisses Desjardins du Québec (FDCQ) issued its longest covered bond at its tightest-ever spread to Canadian peers on Tuesday.
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Equity capital markets bankers are hoping to be busy with more accelerated trades over the next week and a half until the US Thanksgiving holiday on November 28, traditionally the beginning of the end of the ECM issuance year.
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Ford Motor Credit Company mandated banks on Tuesday to lead a new Australian dollar deal, its first since 2016.
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A group of shareholders in GSX Techedu has launched a follow-on offering of the Chinese education technology firm’s US-listed stock.
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The Province of Ontario is readying for a tap its 2025 Canadian dollar denominated green bond for the second time this year.
