North America

Public sector borrowers have crammed more dollar deals into Tuesday than are sometimes seen in a week. But far from suffering from too much choice, investors gobbled up everything on offer — and bankers expect them to do just the same for two deals on Wednesday’s menu.

A high stakes game of chicken is taking place between US and European regulators, with the spectre of fragmentation in derivatives markets looming. But there's been no proper dialogue between the two sides.

Bunge Finance Europe, an arm of the US agricultural commodities group, launched a revolving credit facility on Tuesday to refinance a $1.75bn loan from 2014. Fourteen banks have joined before general syndication.

The head of the foremost derivatives regulator in the US, Christopher Giancarlo, has issued a warning to European regulators on incoming regulation, condemning “costs and regulatory burdens” to the US economy.

Rentenbank will tap a resurgent long end dollar market on Tuesday, alongside a rare appearance in the currency from the Canadian sovereign in fives and a French agency in threes. This is only the second time in nearly two and a half years that issuers have peppered the whole of the dollar curve on the same day.

The trend for corporate issuers in 2017 has been to sell bonds with longer tenors, but in among a five deal issuance spree on Monday was a couple of two year floating rate notes from rare issuers.

On Monday, Whirlpool became the fourth US issuer to use the euro corporate bond market in the last 15 days when it sold a €600m 10 year deal, 12 months after it last visited the market.

Four Seasons Education is closing books two days early on its $111m New York Stock Exchange listing, said a banker managing the transaction.

China’s Jianpu Technology has launched bookbuilding for its IPO on the New York Stock Exchange, which could raise $236.3m.

A top US regulator at the Commodity Futures Trading Commission on Thursday slammed the “one-size-fits-all philosophy” of the organisation's prior leadership.

On Thursday, tobacco company Philip Morris sold a $2bn triple-tranche bond deal. On Friday, it was in Europe selling a €1bn dual-tranche transaction, taking advantage of the demand for longer tenors.

The Ministry of Commerce (MofCom) completes the first draft of foreign investment law, regulators give BEA Union Investment Management the go-ahead to launch a wholly foreign owned enterprise (WFOE) in Shenzhen, and Renmin University’s vice president claims the renminbi will be fully convertible within five years.