JP Morgan

Markets may have contributed to falls in profits in the investment banking divisions of the US majors that reported third quarter results this week, but there were some silver linings among the clouds, including a year-on-year reduction in legal bills of billions of dollars between them.

Dollar pre-funding is unlikely to be a feature of the fourth quarter this year as crushed swap spreads and a lack of direction from the US Federal Reserve force out SSA borrowers.

Senior SSA bankers are fretting that situations such as this week's clash between two Dutch agencies, which drove one of the pair to pull its deal, could become unavoidable, writes Craig McGlashan.

Garfunkelux, the German debt collection company, on Thursday issued £795m of notes in the first sizeable European high yield issue for three weeks. Market participants are now eager to see if other issuers finally follow in its steps.

Bank of Ireland and Caja Rural Unidas issued this week’s only two covered bonds from Europe’s periphery, both offering attractive concessions.

As the primary US banks release earnings for the third quarter there is little sign of panic in options markets despite overwhelmingly negative expectations.

DVB Bank reappeared in the primary market on Thursday, adding a €500m no-grow 4.5 year note to its senior curve.

Landsbankinn walked away with €300m of three year money on Monday as Icelandic debt made a return to the FIG market.

SNS Bank raised hopes of more capital issuance when it named leads for a euro denominated tier two transaction on Thursday but the trade may be a tough sell.

Dominique LeMaire is set to join ING as head of the bank’s new platform to relaunch its leveraged loan and sub-investment grade corporate bond business.

Intertrust, the Dutch corporate and trust services company, made its debut on the Amsterdam stock exchange today (Thursday) after pricing its €486m IPO near the bottom of the range on Wednesday.

SNCF Réseau went to the short end of the curve in a hunt for central banks on Thursday, selling a rare €500m three year note.