Deutsche Bank

Foreign banks operating in the US could be allowed a more flexible funding structure, according to Randall Quarles, Federal Reserve vice-chairman for supervision. It could lower the cost of trapping liquidity and capital instruments in the intermediate holding companies (IHCs) they had to set up to keep operating in the US.

Market sources said rising political uncertainty in the eurozone was to blame for the second deal pulled from the European high yield bond market so far in May, as Greek issuer Pangaea cancelled its high yield roadshow on Thursday.

Two IPO applications in Hong Kong this week — one from a bitcoin hardware maker and the other a Chinese state-owned enterprise — highlighted the tussle for investor attention between old and new economy companies.

US pharmaceuticals company Mylan made its third visit to the euro corporate bond market in three years on Wednesday when it sold a €500m seven year deal with a €1.3bn order book.

South Africa had to contend with an unexpected widening in US Treasuries when marketing its new deal on Tuesday. The resulting sell-off in both South Africa’s curve and the rand meant that the issuer was not able to tighten pricing as much as had been anticipated, and the deal was smaller overall.

Canaan is eyeing a $1.5bn IPO in Hong Kong that will test investor appetite for the first listing of a cryptocurrency firm in the city.

The UK Debt Management Office on Tuesday extended the conventional Gilt curve while breaking two of its syndication records. Bankers off the deal hailed the “great result”, while leads highlighted that the deal was already performing in secondary just a few hours after pricing.

A pair of supranationals hit opposite ends of the euro curve on Tuesday, keeping down their size ambitions in favour of tightening pricing.

Swiss biopharmaceutical company Polyphor has bucked the trend of recent European IPOs by pricing its IPO at Sfr38, in the top half of the initial Sfr30 to Sfr40 range, and increasing the size of the deal.

The volume of euro and sterling high yield bonds on sale in Europe jumped to €1bn on Tuesday, after NBG Pangaea and Premier Foods hit the market with new offerings. Meanwhile, retail high yield funds enjoyed a second week of inflows.

South Africa has opened books on its first sovereign trade this year and is looking to capitalise on goodwill towards president Cyril Ramaphosa’s economic transformation efforts. It hopes to offset the recent spread widening that has followed weakness in the rand — and in broader emerging markets — as a result of the stronger dollar.

Deutsche Bank announced a new management lineup for its corporate and investment banking operations on Friday, naming Ram Nayak and Mark Fedorcik as co-presidents of the division.