North America

Mexican state-owned oil company Pemex offered a winning mix of liquidity and yield on Thursday when it made its first visit to the bond markets since January with a deal that was smaller and shorter in maturity than its usual offerings.

Companies continued to find willing buyers in the US bond market this week, even as equity markets seesawed over the prospects of further economic stimulus.

Investors’ fears over the disruption the US presidential election and rising Covid-19 cases could bring to equity markets became a grim reality this week as volatility buffeted IPOs. With three weeks until the vote, all eyes are on how much damage US president Donald Trump and Joe Biden will do to the primary equity capital markets, writes Sam Kerr.

A top-level reshuffle suggests that Barclays chief executive Jes Staley is not going anywhere, but raises fresh questions about whether the bank’s top-five ambitions are achievable, writes David Rothnie.

Chinese peer-to-peer lender Lufax Holding filed IPO paperwork in the US on Wednesday for what is expected to be a jumbo listing.

Global equity capital markets bankers anticipate a disorderly US election in November. They fear that a disputed contest between president Donald Trump and former vice-president Joe Biden could lead to sustained market volatility which would severely impact ECM issuance.

This week in Keeping Tabs: investment strategy in the age of quantitative easing and a possible Joe Biden presidency in the US, while in the UK, financial firms are still adjusting to Brexit.

A record month for US mergers and acquisitions will fail to boost the dollar corporate bond market, as bankers predict a sharp slowdown in activity in the fourth quarter.

Two borrowers visited the long end of the dollar curve this week and while both completed their deals successfully, investors clearly displayed more appetite for the higher yielding of the pair.

Fédération des Caisses Desjardins du Québec (CCDJ) issued the first Canadian covered bond in dollars since May on Wednesday flat to where the major Canadian banks issue senior unsecured debt.

Lloyds Banking Group asked permission from investors this week to change the reset rates on two of its additional tier one (AT1) securities so they bear reference to Sonia. The move is likely to kick off a trend in sterling and in dollars, as market participants prepare for the death of Libor.

Chinese data centre operator Chinadata Group Holdings has guided investors to the top of price guidance for its Nasdaq listing, eyeing $540m from the deal, according to a source familiar with matter.