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Dexia Crédit Local priced a €1.5bn three year bond guaranteed by three governments this week, after drawing interest from buyers of public sector to covered bonds.

Deutsche Annington, the German landlord, came tantalisingly close to rescuing its IPO on Tuesday evening before eventually deciding to postpone the issue. The company had cut the deal size a couple of hours before the end of bookbuilding but it became difficult to keep the book together.

Former Standard Chartered banker Yung Tan has joined BNP Paribas to lead the bank’s high yield business in North Asia.

The prospect of regulatory-driven financial sector deleveraging implies tighter credit conditions ahead in China and a higher cost of funds, resulting in higher corporate credit risk, says the bank.

—Bob Birnbaum, a former president of the New York Stock Exchange, on the qualities of William J. Brodsky, chairman and ceo of the Chicago Board Options Exchange, who is to receive the Outstanding Contribution Award at the Global Derivatives Awards ceremony on Sept. 19, 2013 at the Mandarin Oriental Hyde Park in London.

Derivatives Week is unveiling its Global Derivative Award winners in two stages this year. First up are the winners of the Global Derivatives Editorial Awards determined by the editorial team. The winners of the bank, interdealer broker and law firm awards will be decided by the results of the Global Derivatives Survey. The survey runs until July 22 for the bank and law firms, and runs until July 29 for the interdealer brokers.

Bill Brodsky’s career in derivatives spans the birth of some of the pivotal products that are now taken as basic derivative building blocks. He was lured to the Chicago Mercantile Exchange in 1982 as Windy City futures officials were planning the first equity index futures. Bookending that, is the VIX suite of derivatives: on his watch as chairman and ceo of the Chicago Board Options Exchange volatility derivatives have become a key part of the trading and investing landscape.

ANZ and Westpac are thought to be queuing up to issue Basel III-compliant bonds as soon as this week, giving Australian investors a rare opportunity to pick up yield.

HSBC is reorganising its global banking and markets (GBM) division in what senior management have told staff is a move designed to deliver the firm's resources better to its clients. At the heart of the new structure is a unit called Client Coverage, which will manage all client relationships but with no specific product focus.

For too long now issuers have taken investors for granted. But ever since Fed chairman Ben Bernanke warned that he might turn off the printing presses, there’s been a marked shift in the balance of power between buyers and sellers. Even the normally bomb-proof covered bond market is beginning to feel the effects.

European high yield is notoriously fickle. Investors pile in when things are expected to get better — then run for the hills to hide out for a while at the first sign of trouble. It's still a volatile market, and always will be — but the last six weeks suggest a greater resilience than in previous sell-offs.

Transparency will be the key to luring investors into Basel III-compliant Indian bank debt. Now that the buyside is on heightened alert, sweeping risky components under the carpet will only backfire on issuers.