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◆ Public sector issuers embrace hedge fund bid... ◆ ... as they flex in the swap market ◆ Car makers welcomed back to bond market
CEB plans to print more structured notes and may launch inaugural Sofr bond in 2026
Japanese firm plucks banker from UBS
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The extreme short-term divergence between the Eurostoxx 50 and the IBEX 35 has opened up an opportunity to buy calls on the SX5E against the IBEX, according to Société Générale’s global equity flow advisory team. The tactical play anticipates that the European index will reclaim lost ground against the Spanish index going into year-end. -
The Japan Securities Clearing Corp. is investigating the possibility of clearing cross currency swaps, according to Takeshi Hirano, director, strategic planning and over-the-counter clearing service. If it goes ahead, it would be the first clearinghouse to clear the swaps.
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Market officials will meet at a Financial Stability Board workshop next month to discuss the possibility of creating a global trade repository that will collate data from other regional repositories. The so-called “repository of repositories” will be pursued to solve fragmentation issues so that global financial regulators can access information being collected by TRs in other jurisdictions.
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Japanese end users have started using the overnight indexed swap compound as an alternative to Libor as a discount rate benchmark to price over-the-counter and exchange-traded derivatives. According to a panellist at the International Swaps and Derivatives Association’s 2013 Annual Japan Conference at the Ritz Carlton in Tokyo today, the use of OIS, however, is seen as stopgap until a credible long-term solution is found.
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Japan should sign memorandums of understanding with U.S. and European financial regulators in a bid to facilitate the sharing of information regarding important financial institutions, such as central counterparties, swap dealers and trade repositories.
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Crédit Agricole will hand over its equity derivatives portfolio to BNP Paribas to wind down the positions. The deal takes effect Jan. 2014 and follows an April announcement by CA of plans to close the business as part of a EUR250 million cost-cutting strategy.
