North America

It will probably be recalled as one of the worst quarters since the financial crisis. But the market's anxieties belie an economy where the indicators still look strong.

Public sector borrowers printed over $10bn of bonds on Tuesday in a dollar market that SSA bankers expect to keep its momentum in the weeks ahead.

Trading platform operator Tradeweb has received regulatory approvals to operate trading venues from Amsterdam as it solidifies its preparations for Brexit.

The US government shutdown hit 24 days on Monday, a record kerfuffle for the country. As primary equity markets teams, most importantly at the Securities and Exchange Commission, run on skeleton crews, the IPO pipeline could come under some threat.

CPPIB Capital was comfortably oversubscribed for its $2bn trade on Monday with the dollar SSA market remaining attractive at the short end. Agence Francaise de Developpement, KfW and Kommuninvest will look to tap into lucrative conditions in the currency after mandating banks for deals on Tuesday.

On Monday, the US deliveries group FedEx returned to the euro corporate bond market for the first time since its debut visit in 2016 when it raised €3bn to finance its purchase of Dutch peer TNT Express. That deal was a four-tranche combination, but its latest deal was just a €500m 3.5 year deal to refinance the shortest tranche of the debut deal.

On Friday, American data centre owner Digital Realty sold the first green corporate bond in euros of 2019, but investors did not have long to wait for the second one as Italian energy company Enel also chose to issue in the format.

European and global equities have shown signs of recovery in 2019, but few are predicting a prolonged rally to entice potential capital market issuers.

China’s Dalian Wanda Group has filed for a US IPO of up to $500m for its sports business, according to a source close to the deal.

Danske Bank was set to complete its bond sale on Friday at a slightly higher price, after activist investor Bill Browder forced a delay due to his comments about its money laundering scandal this week. Before the postponement, Danske had drummed up a large amount of support in the dollar market, as UniCredit did earlier in the week.

Marsh & McLennan Companies printed the biggest deal in its history with a multi-tranche merger and acquisition financing this week, providing a hint of optimism in the dollar market.

In this round-up, US-China extended the previously planned two-day trade talk to a third day, Li Keqiang met Tesla’s Elon Musk, and the state council rolled out lower tax rates for small and low profit businesses.