North America
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World Bank has priced the first deal from a new retail focused socially responsible investment programme — and it could sell more notes as often as once a month.
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Goldman Sachs and Sumitomo Mitsui Trust showed on Tuesday that it is possible to place bonds in the market backed by other rated debt with recourse back to the issuer – and that it was possible to do so at an advantageous spread to a differentiated group of investors. Though abhorred by some covered bond stalwarts, the deal suggests a potentially new funding avenue and a new source of highly rated debt for investors.
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SSA borrowers this week provided investors with a strong line up of innovative products. A new standard was set in SRI bonds, Cyprus raised €1bn via an innovative switch offer, Italy sold two year debt at a negative yield and British Columbia is lining up its debt Panda bond.
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Procter and Gamble, the US consumer goods company, brought a €1.25bn bond issue to the European market on Tuesday, bringing life to an otherwise moribund reverse Yankee market. -
The Province of British Columbia (BC) is mulling a debut Panda bond, which would set another record for the province as the first foreign government issuer in China's onshore bond market. However, to go ahead BC will need the Chinese regulator to allow sovereigns into the recently reopened Panda bond market.
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Euronext has launched AtomX, a service that offers central clearing for bilaterally negotiated derivatives trades that would otherwise have been over the counter.
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Trad-X, the trading platform for global interest rate derivatives, reported on Monday that is has traded more than $2.5tr of swaps since launch, with 2015 having accounted for over half this volume.
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In this round-up, the Swiss franc set to become directly convertible with RMB, CCB gets a Zurich branch, QDII2 could launching in Shanghai FTZ, booming RMB trade in Korea, Los Angeles tries to get the edge, DBS launches in Qingdao to leverage Belt and Road plans, and CSOP launches two new China ETFs in New York.
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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.
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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.
