North America

China’s domestic fixed income market is set for another milestone with National Bank of Canada (NBC) poised to sell a Panda bond on Wednesday – becoming the first North American bank to do so.

US glass container manufacturer OI on Thursday added its deal, a loan-to-bond refinancing, to a high yield market scoreboard already loaded with another seven offerings.

The Province of New Brunswick on Friday broke Canadian sub-sovereigns' silence in the Swiss market, printing well above its minimum size target despite choppy conditions.

Dollar borrowers filled their boots in the last full week of October with a flurry of benchmark deals while DCM bankers were cheering the prospect of another mega M&A financing following AT&T’s offer for Time Warner.

Total loss absorbing capacity-eligible callable deals issued in euros this week by Morgan Stanley and last week by Goldman Sachs could herald the future for bank senior unsecured paper. But regulatory clarity will be needed before it is possible to see whether European banks can follow suit, writes Bill Thornhill.

Investors showed signs of wilting under the torrent of callable bond structures as BNY Mellon, Goldman Sachs and Wells Fargo continued the rush by US banks to print bonds aimed at cutting the cost of complying with Total Loss Absorbing Capacity (TLAC) rules.

This week, the Chicago Board Options Exchange (CBOE) launched a volatility smile index the tracks the steepness of the implied volatility curve of S&P 500 index options.

Chinese logistics company ZTO Express priced its $1.4bn IPO on the New York Stock Exchange on Wednesday, marking the largest float from a Mainland firm in the US since 2014. And its successful listing is expected to boost the number of Chinese firms heading to the United States, writes Jonathan Breen.

Seven deals launched Thursday as issuers came out in force to raise money ahead what is expected to be greater market uncertainty in November.

US pharma giant Merck reached for a long tenor on Wednesday, in the process reopening the market for ultra-long trades as it issued a 20 year tranche.

China has made progress in liberalising its capital account this year, but the moves have yet to win over US-based investors, Luke Oliver, head of exchange-traded funds (ETF) capital markets at Deutsche Asset Management (DAM) told GlobalRMB.

US agricultural equipment manufacturer AGCO more than doubled its first ever Schuldschein, from the launch size of €150m to €375m.