North America

Toronto Dominion Bank issued the only two covered bond benchmarks in what was otherwise a desolate week for the FIG sector. Despite exceptionally volatile market conditions, the euro and sterling transactions went well leading a syndicate banker to conclude that TD "owns" the covered bond market.

US corporate bond bankers are hoping for a rebound in supply in June, after the high grade new issue market limped to the end of May.

Goldman Sachs and three other major banks have signed up to the project to build a joint electronic bookbuilding system for the US investment grade market, joining Bank of America Merrill Lynch, Citi, and JP Morgan and giving the new platform a strong shot at total market dominance. Goldman’s merchant banking arm sold Ipreo, the main rival to the new project, last week.

Cryptocurrencies had an incredible run last year, but for them to really hit the mainstream, their advocates should study the sort of old money institutions many of them oppose: central banks.

The US Federal Reserve Board has put forward a sweeping set of proposals to soften restrictions on proprietary trading under the Volcker rule, in a move that could free up banks to pursue more transactions related to underwriting and market making.

GDS Holdings added some much-needed diversity to Asia’s equity-linked market with its first print in the format on Thursday, which proved a hit with investors.

Toronto Dominion took advantage of a brief respite from volatility in the European government bond market to issue a €1bn seven year transaction on Wednesday.

Chinese used car e-commerce platform Uxin began investor education for a potential $500m Nasdaq IPO on Wednesday, said a banker on the deal.

Nasdaq-listed GDS Holdings has opened books for its debut equity-linked transaction worth up to $300m, offering investors an unusual seven year tenor and non-call life feature.

Five year covered bonds issued this week from a trio of issuers got the best executions with the most generously priced Canadian deal from the Fédération des caisses Desjardins du Québec (CCDJ) earning the most praise.

Vodafone was welcomed with open arms in the US as it printed the biggest dollar bond in its history, executing a quick fire acquisition financing.

American household appliance manufacturer Whirlpool took the brunt of the damage from the volatility in the corporate bond market this week as it had to pull a deal just as investors were waiting for a final update. But it might not be the last issuer to struggle in the European investment grade corporate bond market, writes Nigel Owen.