North America

UBS replaces EMEA president — Lloyds loses PP agent — Deutsche Bank reorganises treasury team

The onshore renminbi plunged to 7.17 against the dollar by noon on Thursday from the previous week’s close at 7.07. While much of the loss was a result of a spike in tensions between the US and China, analysts and bankers are also blaming the mainland’s looser FX intervention policies and growing distrust of US president Donald Trump’s comments. Rebecca Feng reports.

BBVA’s Mexican arm will look to sell Basel III-compliant tier two debt to fund a buy-back of old style subordinated bonds after launching a tender offer on Wednesday.

BBVA was marketing an additional tier one bond on Wednesday, making use of the favourable conditions that other issuers have found for similar instruments in the dollar market, while BNP Paribas, Bank of Nova Scotia and Bawag kept euro investors busy.

Geopolitical tensions, particularly the increasingly hostile relationship between the US and China, have driven some equity investors to take a risk averse position in preparation for a choppy autumn.

US toymaker Hasbro is to take up on $3.6bn new debt to buy media company Entertainment One, acquiring porcine superstar Peppa Pig, among other brands, if rival bidders don’t scupper the deal. Hasbro may choose to pay a make-whole price to Entertainment One’s bondholders, who bought the company's issue less than three months ago, a research company predicts.

India’s Bombay Stock Exchange has launched trading in interest rate options linked to the country’s government bonds.

The UK Debt Management Office has announced that it is planning to reopen its 2054 Gilt through syndication in the week beginning September 9.

Industrias Peñoles announced on Tuesday that it will return to the bond market in September after a seven year absence. One investor called the mandate a “healthy sign” ahead of the September opening of the primary market.

In this round-up, the tit-for-tat trade tariff situation between the US and China escalated over the weekend, and the People’s Bank of China (PBoC) issued detailed rules for benchmarking mortgage borrowers to the recently unveiled loan benchmark rates.

In this round-up, the US gave Huawei another three months to buy supplies from US companies, the Chinese government revealed plans to turn Shenzhen into ‘a demonstration area of socialism with Chinese characteristics’ and Japan replaced China as the largest holder of US treasuries

JP Morgan announced the terms of a massive tender offer this week, as supply slowed to a trickle in the US dollar market.