Europe

LCH has cleared over $1tr in inflation swaps since the service launched in April last year, and growth has picked up sharply since US margin rules on uncleared derivatives came into force.

Public sector borrowers have hardly skipped a beat in the wake of Donald Trump’s election victory, getting back on track with an NRW.Bank green bond mandate hitting screens on Wednesday.

Shares in Phoenix Group Holdings, the UK buyer of closed life insurance books, have gained 1.9% since the company announced on Wednesday the successful completion of its £735m rights offer to finance its takeover of Abbey Life.

Donald Trump's victory in the US presidential election went largely unnoticed in key niche currency bond markets on Wednesday morning. Non-core currency bankers were confident pipelines will remain unchanged in Norway, and Switzerland.

Donald Trump’s shock success in the US presidential election in the early hours of Wednesday met staunch resistance as far as EM asset prices were concerned. But dealers apportioned this to technical factors underpinning the market and warned that the long term impacts of the poll result are yet to be seen. GlobalCapital dissects the impact on EM region by region.

Remarkable resilience in the face of an uncertain future was the tale of emerging market bond prices on Wednesday as Donald Trump won the presidential election in the US, much to the surprise of EM traders themselves, who expected the risk aversion to last much longer. But the outlook for EM bonds under a Trump presidency is far from rosy. Latin America has been the clear underperformer so far but more pain is expected.

Though emerging market loans widened in early trading on the day after Donald Trump’s election, pricing for both IG and EM loans returned to the levels of the day before by midday — as the overriding theme of cheap money in European markets, not the shock result of the US vote, dominated.

There was a benign response in the European leveraged loan market on Wednesday to Donald Trump's shock US election victory. How the result affects the post-summer repricing wave is a little more unclear, however, especially given the pipeline of new paper.

Donald Trump’s shock US election victory in the early hours of Wednesday caused a shockwave to course through derivative markets overnight. But by midday in London traders said the overall reaction was much more orderly than in the aftermath of the UK vote in June to leave the European Union - and by close of business some markets had made full scale retrenchment.

Equities in Europe have reacted with resilience to this morning’s surprise that Donald Trump will be the next US president.

The European high yield market on Wednesday proved that it has learned at least one lesson from its Brexit experience: the unexpected does not mean market shutdown. Despite Donald Trump's surprise US presidential election win on Wednesday morning, HY market participants think issuance could resume quickly.

The euro corporate bond market sold off on Wednesday morning in reaction to Donald Trump’s victory in the US presidential election, but spread widening was limited, and bankers are already preparing new issues for Thursday.