North America

Two euro borrowers launched benchmarks on Wednesday, sharing the SSA euro market. While both secured successful deals, one found the market tougher going, as investors pushed back.

Bway, the US container maker, is including €475m of euro bonds in the leveraged financing for its $1bn acquisition of rival Industrial Container Services, in a sign of the increasing attractiveness of euro high yield markets.

Chicago Mercantile Exchange Group on Tuesday announced that it would soon list new options on its financially settled Black Sea Wheat and Corn futures.

Chinese internet search giant Baidu is considering the sale of China Depository Receipts (CDRs).

Market participants are “gearing up” to transition from major benchmark interbank offered rates (IBORs), but that only 11% have actually allocated any money to seeing through the initiative, according to a survey conducted by major capital markets trade bodies.

Santander said it has hired two bankers, one from Deutsche Bank and one from Goldman Sachs, into its US CIB unit, bulking up its efforts to sell debt and derivative products to US firms.

Chinese online auto trading platform Cango is looking to raise up to $300m from an IPO on the New York Stock Exchange.

The expected torrent of mergers and acquisitions-related supply arrived this week with two borrowers taking home a combined $31bn after credit markets seesawed in the latest bout of Donald Trump-inspired volatility.

UBS and Royal Bank of Scotland tapped into the resilience of the dollar market this week, as they printed well-received trades amid volatile conditions.

Canadian Imperial bank of Commerce this week issued the first dollar covered bond in 144A format this year. The funding, which was much cheaper than the cost of raising a similar deal in dollar senior format, could well unleash a slew of supply, mostly from Canadian banks but also potentially from European names.

After an absence of more than two years, Royal Bank of Canada this week issued its first covered bond in euros, attracting a comfortably oversubscribed order book for a €1.5bn deal which was priced with a skinny new issue concession.

Clients of bank index platforms are adapting to a new investment climate, increasingly opting for more defensive strategies and specifically positioning for volatility spikes similar to the ones markets experienced in early February.