North America
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MetLife, the US insurance company, has made an unusual investment as part of its impact investment portfolio, which has about $200m of assets. It is providing a revolving credit facility to an impact investment fund, to enable it to cope more easily with redemptions. -
The US Federal Home Loan Banks system has become the latest borrower to print bonds linked to Sofr, the planned replacement benchmark for dollar Libor.
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HSBC Canada has mandated joint leads for its first covered bond and held investor meetings on Tuesday. The moves comes after a succession of successful dollar benchmarks from European and Canadian borrowers.
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Global equity markets suffered a tough start to the week, which kept the EMEA blocks largely quiet.
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Duke Energy Corp became the latest US utility to issue green bonds last week, when it priced a $1bn dual tranche offering.
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Online fashion platform Mogu is planning to float on the New York Stock Exchange for up to $200m, according to a filing with the US regulator.
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The government of Bermuda could issue a new dollar benchmark this week, as it seeks to finance the buy-back of up to $424m of existing bonds.
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TFI Tab Food Investments, the owner of the Burger King chain in Turkey and China, has formally withdrawn its $220m IPO in the US after delaying it in February.
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Export Development Canada (EDC) added to a record breaking year for non-UK SSA sterling issuance as it printed a £500m floating rate note (FRN) this week. Despite the very strong year for the currency, some trades have struggled in recent weeks — but FRNs such as EDC’s appear to be the exception. Some in the market put that down to concerns over Brexit negotiations.
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Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections.
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The eventful US mid-term elections have unlocked primary equity markets, with large block trades emerging after Tuesday’s vote. With the US political dynamic transformed, following the Democrats taking the House of Representatives, market practitioners are hoping the prospect of political gridlock in Washington will calm markets and make for better issuance conditions between now and the end of the year. Sam Kerr reports.
