North America

Including redemptions and central bank buying the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise then that seven year deals issued on Thursday by Banco Sabadell and Bank of Montreal were swamped and priced with virtually no concession.

Indian solar power company Azure Power Global has traded down on its debut on the Nasdaq stock exchange after pricing its IPO below the price guidance.

Bermuda’s first bond in three years traded up on Wednesday despite a mixed tone in Latin American credit markets.

Already a pioneering issuer in the currency, the International Finance Corporation (IFC) believes greater regulatory clarity will provide a fresh boost to its onshore and offshore renminbi funding plans, Monish Mahurkar, director for treasury market operations, told GlobalRMB.

After mandating leads on Wednesday, Bank of Montreal is set to open books on Thursday for what will become the longest Canadian covered bond in euros. Having issued three year and five year deals this year, BMO’s fourth trade of 2016 will be a curve extending seven year.

Renminbi globalisation has been successful so far, but now the low-hanging fruit has been picked, Chinese authorities will struggle to push through the next round of reforms, according to Eswar Prasad, professor at Cornell University and senior fellow at the Brookings Institution.

China Resources Pharmaceutical Group will raise as much as HK$15.6bn ($2.0bn) via a Hong Kong IPO after firming up the price range.

Mexican peso futures surged on Monday following the second US presidential debate, rising to their highest level in almost a month as Republican candidate Donald Trump failed to knock a dent in Hillary Clinton’s polls lead.

trueEX, the interest rate swap trading platform, claims to be the first swap execution facility to execute dealer to client Brazilian real interest rate swaps.

Forwards and Futures trading will form a big part of a fund that Franklin Templeton Investment has launched, which focuses on long and short term exposure to global currencies in both developed and developing markets.

Avolon Holdings, indirectly owned by China’s HNA Group, has tapped Morgan Stanley and UBS to provide $8.5bn of debt for the acquisition of the aircraft leasing business of CIT Group.

Island nation Bermuda is understood to be targeting Tuesday, October 11 to issue its first bond in three years, according to one investor, after beginning a roadshow earlier this week.