North America
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US cruise ship operator Carnival Corp has announced that it will roadshow for a potential bond offering that would mark its return to the euro market after a nine year hiatus. -
US federal regulators have approved a rule that will impose greater margin requirements on swaps that are not cleared through a clearing house, but have amended it to be less onerous for some transactions.
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Fears that a disruptive weather pattern is forming in the Pacific Ocean look set to increase volatility in agricultural and energy markets, but the impact is unlikely to influence futures prices in the near-term.
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With the year's end fast approaching, SSA issuers are jostling for space after a summer blighted by volatility. Investors are rewarding pragmatic borrowers with large order books but it seems there is little room for opportunism.
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Borrowers enjoyed tight pricing in the US market this week, as a sharp drop in supply helped bring stability to the market and triggered a fall in new issue premiums.
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Teva, the New York-listed Israeli pharmaceutical company, held a meeting with banks on Wednesday for the syndication of $33.75bn of loans to buy generic drug business Allergan Generics.
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Wednesday’s shock market development saw short-selling research firm Citron allege that biotech firm Valeant Pharmaceutical inflated its sales figures by selling to “phantom captive pharmacies” in a plot reminiscent of the Enron scandal of over a decade ago.
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Three dollar issuers found no lack of demand at the short end when printing a trifecta of 2018s this week but tougher markets played into more defensive pricing strategies — at least in the early stages.
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Export Development Canada printed the third three year dollar deal in as many days on Thursday, suggesting that investor demand for short dated dollar debt is by no means sated.
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Wells Fargo printed an impressive second Swiss franc deal for the year on Thursday, attracting strong demand not only from retail and private banking investors but also asset managers, insurance and pension funds.
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A second Canadian SSA issuer is bringing a deal in the week that the country elected a new government — but has opted for a different core currency to its compatriot.
