North America
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Toronto Dominion Bank has become only the second borrower from outside of the UK to sell a Sonia-linked covered bond, having quickly met enough orders on Monday to launch a £1bn offering in the sterling market. -
A group of US senators have proposed a bill that threatens to block the IPOs of many Chinese companies in the country, and cause the delistings of mainland stocks from US exchanges.
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In this round-up, the Mainland’s industrial production and other activity slowed in May, the Chinese foreign ministry urged the US to stop interfering with the country’s ‘internal affairs’ and the People’s Bank of China (PBoC) tried to calm the market again regarding Baoshang Bank’s bailout.
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In this round-up, US president Donald Trump warned of higher tariffs should his Chinese counterpart not meet him at G20, UBS’s chief economist employed questionable language when discussing the rise of Chinese consumer prices, and total exports edged up in May while exports to the US fell again.
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Mexico’s largest locally owned bank, Banco Mercantil del Norte (Banorte), has begun meeting fixed income investors as it looks to test investor appetite for the country's credit with a new subordinated bond.
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The US corporate bond market enjoyed a busy period of issuance this week, as expectations of a rate cut rose and trade tensions with Mexico eased. But concerns still linger over dwindling supply.
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Royal Bank of Canada’s €1.25bn seven year issued on Wednesday dropped more orders than any covered bond has in years, ending up as one of the least subscribed deals of its size since 2011. The transaction starkly illustrated that the balance of power has shifted in favour of investors and offered a salutary lesson for ambitious issuers, writes Bill Thornhill.
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The Inter-American Development Bank this week capitalised on a dearth of supply at the 10 year point of the curve to print its second dollar benchmark of the year.
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BNP Paribas has hired a banker from SMBC to fill the vacant position of head of US private placements.
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Bank of Montreal (BMO) has issued the first Canadian covered bond in dollars this year, raising $1.75bn of funding at a cost that was equivalent to what it would have theoretically paid in the euro market. National Bank of Canada was quick to follow, announcing a similar deal at the same starting spread.
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After establishing itself as a top three player in European investment banking, Citi is now making an ambitious push for the summit in its home market, writes David Rothnie.
