North America

PepsiCo led a quieter week of supply by opportunistic corporate issuers in the dollar market this week as it looked to issue ahead of an increasingly uncertain backdrop since September’s record monthly issuance volumes.

Kemi Adeosun, the finance minister of Nigeria, has attacked the “hypocrisy” of Western governments in stopping developing countries accessing development bank finance for coal power.

The Inter-American Development Bank, a Canadian sub-sovereign and two Danish agencies offered chunky issuance to the Kangaroo market this week. The SSAs took advantage of Asian accounts looking to work their cash at the 10 year part of the Australian dollar curve.

Banks showed a clear preference for dollar-denominated primary issuance in the third quarter, as the euro market grappled with heightened volatility.

The green bond market is well on its way towards $100bn of issuance this year but for the market to maximise its potential, it will need fully developed and widely accepted industry standards, said experts including the World Wildlife Fund. Meanwhile, sovereign issuers are on their way.

The Canadian province of Quebec added a 10th tap to its May 2026 Kangaroo line on Wednesday. The lead praised the borrower's swift execution of Kangaroo taps at the longer end of the curve.

One of the perks of working for a global bank is the possibility of a transfer to an office in a different country. A friend of mine recently had the good fortune, so it seemed, to move to the US. But alas, events conspired against him.

Chinese data firm GDS Holdings has begun pre-marketing its $300m US listing with bookbuilding expected in the next two weeks. Logistics company ZTO Express has also chosen to float in the US.

Volume figures released by major derivative exchanges show that low volatility continues to subdue volumes in equity derivative products, although flows improved in September. Interest rate, metal and energy derivatives show growth, however.

Island nation Bermuda is understood to be meeting bond investors this week ahead of a planned new dollar bond.

Alex Caridia started the role in RBC Capital Market's Toronto office on Tuesday.

St. Louis-headquartered Belden, the communications equipment manufacturer, launched €200m of 10 year non-call five notes on Tuesday morning, as the high yield market looks to maintain issuance momentum following a bumper September.