Europe

Do not be reassured by the checks and balances narrative. The US presidential election matters desperately. Either the US will be in a position to keep leading the world, or it won’t.

Though none of them are ruling out a victory for Donald Trump, FIG market participants are positioned for Hillary Clinton to win the 2016 US presidential election. Banks could be ready to launch new trades on the same day as the result is announced.

Derivatives markets across asset classes are projecting increased confidence of a Hillary Clinton win in Tuesday's US presidential election, but also revealing concern that volatility could then evaporate from markets for the rest of the year.

The German Pfandbrief issuer quickly executed a €500m 10 year mortgage backed deal on Tuesday hours before US election headlines hit the screens, even though it had not been in the market since 2012.

Bridgepoint has bought the agro business unit of Iberian industrials firm Sapec, in a deal valuing the unit at €456m and backed by six banks.

The European Mortgage Federation – European Covered Bond Council (EMF-ECBC) will present its Energy Efficient Mortgage initiative at the 22nd conference of parties (COP22) climate summit on November 15 in Marrakech.

Credit Suisse has hired a senior leveraged credit trader in London following the recent departure of its head of European distressed debt and leveraged finance trading.

Only hours before one of the most tightly contested US presidential election in recent times is decided, participants in the European high yield market gave the event as non-plussed a shrug as it could manage.

Four Masala bonds, totaling £600m ($751m), are expected to be issued in London in the next three months, UK prime minister Theresa May said in a press conference during a trade visit to India this week.

Russia plans to roll out a futures contract for crude oil by the end of this month, fulfilling a goal that has alluded the country for over 10 years but which the government believes will be a major step for its economy.

Banks may lose out to other market players in competition to buy Commerzbank’s structured investment and ETF businesses, which will be on the market from next year, once they have been carved into a new entity. But investment banks are likely to be in pole position for the German bank’s exotic FICC derivatives book, also up for sale.

Asset manager Pemberton has closed a €1.2bn European mid market debt fund, as the direct lending market becomes more appealing for larger deals, according to a Deloitte report.