Americas

A big rift in US volatility trading has opened in the week since Donald Trump’s shock presidential election win, with equity markets quickly calming after the result while the US Treasury yield curve sharply steepened.

Bayer successfully pulled off what was arguably this year’s biggest European ECM deal on Tuesday night, with a €4bn mandatory convertible and €1.5bn delta equity placement. But although both were fully sold and have traded stably, a good number of deal-playing investors are still putting in small orders.

The International Swaps and Derivatives Association has replaced the head of its implementation effort for margin on non-cleared derivatives, just months before the industry faces a major regulatory deadline.

Three corporate issuers pushed deals into a widening primary market on Wednesday with mixed results, as rates volatility kept new issue premiums elevated for borrowers.

Just one-fifth of Mexican corporate bond issuers are likely to escape unscathed from US president-elect Donald Trump's proposed trade protectionism policies, said Fitch on Monday.

In the space of a week, emerging market debt markets have experienced what psychologists call the seven stages of trauma, after the election of Donald Trump as US president. Markets had priced in an 85%-90% chance of a Hillary Clinton victory.

Cancer drugs maker BeyondSpring has filed to list on Nasdaq to raise $100m, according to a Securities and Exchange Commission filing.

The deal the equity-linked bond market has been awaiting for months has arrived this evening. Bayer, the German life sciences group, has launched a €4bn mandatorily convertible issue as the first part of its $19bn equity financing for its takeover of Monsanto.

Rather than wailing about a regulatory Trumpocalypse, those who care about the health of financial markets should seize upon last week’s shock US presidential result to help bring about meaningful and beneficial changes.

Mylan, the US pharmaceutical company, rode its industry’s wave of post-Donald Trump euphoria on Tuesday as it revived a multi-tranche euro bond issue that it had delayed amid political noise in September.

Public sector borrower supply is beginning to trickle through after a volatile Monday, but bankers are warning that market conditions are far from perfect — and some issuers are still unwilling to take a chance on a deal.

Banco Santander Chile has responded to a reverse enquiry by printing a Sfr125m ($125m) May 2025 bond. Riding off Chilean reputation in the Swiss market, and a scarcity of LatAm offerings this year, the lead managers kept the tickets tightly priced.