North America

The sterling corporate bond market has shown surprising strength for issuers in short maturities this year, but on Wednesday its traditional forte shone through — the ultra-long end, where, as so often, the curve is inverted. Berkshire Hathaway found such good funding there that it scrapped a planned euro issue altogether and raised £1.75bn in sterling.

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.

Chinese brokerage Huatai Securities has received one of two approvals needed to spin off its subsidiary AssetMark Financial Holdings in the US.

Mexico’s largest locally owned bank Banco Mercantil del Norte (Banorte) will begin meeting fixed income investors this week as it looks to test investor appetite for Mexico credit with a new subordinated bond.

The Inter-American Development Bank hit screens on Monday afternoon for a new June 2029 dollar benchmark. The note is the IADB's first 10 year benchmark of the year and other SSA issuers are circling, ready to enter the market if this deal goes well.

Wanda Sports Group Company is seeking US Securities and Exchange Commission approval for a float of American Depository Shares (ADS).

In this round-up, US treasury secretary Steven Mnuchin called the talk with Chinese central bank governor Yi Gang ‘candid’ on Twitter, the Mainland warned domestic tourists and students against planning trips to the US, and both the World Bank and International Monetary Fund (IMF) lowered predictions for Chinese GDP growth thanks to trade tensions.

US president Donald Trump’s latest Twitter update about US trade policy brought Latin America's bond bankers hope that Mexico debt might enjoy a better week as he abandoned — for now at least — plans to impose tariffs on Mexican goods.

Spreads on dollar bonds issued by Mexican state-owned oil company Pemex ballooned by up to 50bp on Thursday as a sovereign downgrade led the company to lose one of its investment grade ratings and threatened a second.

The list of companies that have declared their support for the Task Force on Climate-Related Financial Disclosures has grown to 671, with a combined market capitalisation of $9.3tr. This is up from 457 worth $7.9tr in September. The TCFD Secretariat issued its second status report on adoption of the recommendations this week.

Dollar corporate bond issuers enjoyed bulging order books and tight spreads this week, as the high grade market shrugged off fears over the economy following soothing words from the chairman of the US Federal Reserve.

The US holding company of Spain’s Santander made its first trip to the dollar bond market in almost six months, as issuers made the most of improving conditions.