Banks

Credit Suisse has expanded its algorithmic pricing platform to provide instantaneous, algorithmically generated prices for 1,000 high yield bonds.

JP Morgan has begun an agency clearing service for Australian and New Zealand dollar denominated over-the-counter (OTC) derivatives, becoming the first OTC clearing participant on the Australian Securities Exchange (ASX) to do so.

The chair of the influential UK Treasury select committee, Nicky Morgan, told a conference of derivatives bankers, lawyers and regulators, that despite the threat of “serious problems” for cross-border derivatives contracts in a Brexit no-deal scenario, she was “reasonably confident that a no deal scenario will not cause the whole sector to fall over”.

This evening, 3i is selling another chunk of its stake in Basic Fit, the Dutch operator of affordable gyms, via an accelerated bookbuild led Morgan Stanley and ABN Amro.

NRW.Bank nipped in ahead of this week’s Federal Open Market Committee meeting to tap keen investor interest in dollars on Wednesday, pricing a deal that on-looking bankers said was flat to its curve.

Nomura has made several appointments to its flow rates trading and sales operation in Europe, the Middle East and Africa.

When UK telecoms company Vodafone announced in May that it had agreed to buy some of US rival Liberty Global’s European operations, it said it would use existing cash, €3bn of mandatorily convertible bonds and new debt, including hybrid bonds to fund the €18.4bn acquisition. On Wednesday, Vodafone sold the hybrid bonds, using four different tenors in three currencies.

Three more credit default swap contracts are referencing non-preferred senior bonds following the latest roll of the iTraxx indices, as bank debt investors try to deal with a gradual transition towards a bail-in regime in Europe.

Hungary printed its €1bn seven year bond on Tuesday with the lowest ever coupon and yield for a dollar or euro bond from the issuer.

US asset manager Pinebridge is positive on credit markets in the short to medium term, but the outperformance of assets in the past three years has increased the probability for a credit downturn according to a recent report it published.

Thailand Future Fund is due to announce a timeline for its long-delayed IPO next week, with bookbuilding set to kick off in mid-October.

Midea Real Estate Holdings has launched its Hong Kong IPO, which could raise up to HK$3.87bn ($495.4m).