Europe

LCH, the majority-owned clearing house of the London Stock Exchange, on Tuesday began clearing non-deliverable interest rate swaps in Chinese yuan, Korean won and Indian rupees.

Lenders to Rusal, the sanctions-hit Russian aluminium company, may escape the situation without losing money if they can hold their nerve, loans bankers said this week.

Some investors are betting on UK bank debt to outperform the rest of the FIG market this year, despite the risks around the country’s departure from the European Union.

Danske Bank had to postpone its inaugural sale of non-preferred senior debt this week, owing to technical issues with its bond documentation.

Investment grade corporate market participants are all aware that the European Central Bank’s bond buying programme will come to an end in 2018. The pace of that buying slowed in April, but the cash that investors are holding is proving to be an easy replacement for the central bank’s support.

Hungarian fertiliser company Nitrogénművek has completed a roadshow ahead of an expected €200m seven year non-call three Reg S/144A bond. It is expecting to price the deal “as early as tomorrow [Thursday]”.

The US Treasury, through the Office of Foreign Assets Control, has issued a new licence to US holders of debt or equity in EN+, Rusal and Gaz Group. It gives US persons until June 6 to divest their holdings in these companies, instead of the original deadline of May 7.

April 2018 was one of the heaviest Aprils in the last decade for covered bond supply, and with the Eurosystem buying less in the primary market, offers are still easy to find. But with near term supply expected to moderate and the Eurosystem potentially becoming more active in the secondary market, bankers are hopeful that spreads will stabilise.

The UK’s Lloyds Banking Group is readying a subordinated tier two bond, to be issued in Singapore dollars.

Researchers have found tweets can help to give information about bank depositor activity and even financial indicators. But can the social media platform really be relied on?

The UK’s conventional maturity curve is set to extend after the country’s Debt Management Office on Tuesday announced plans for its next syndication.

CEVA Logistics, the freight management and contract logistics company listing in Switzerland, has narrowed the price range on its IPO. The books are covered in excess of the deal size in the bottom half of the range.