North America

FCoin, a huge new cryptocurrency exchange by volume, is only two months old and was virtually unknown up until it brought the network of the second largest cryptocurrency in the world to a standstill and made a lot of people very angry.

Bank of Montreal made the most of US earnings blackouts and re-opened the dollar market this week with a $2.25bn deal amid improving market conditions.

Carmakers took advantage of a light calendar and an improving backdrop to reopen the dollar bond market after a week-long supply drought.

Equity investors have endured a volatile year with numerous geopolitical shocks leading to falls in markets and sapping confidence. But now they are positioning for the previously unimaginable, a trade war between the world’s two largest economies and all the ramifications that will follow, writes Sam Kerr.

Financial Conduct Authority chief Andrew Bailey on Thursday set out the options for forward-looking term rates to replace Libor, a family of benchmarks that he described as “vulnerable to misconduct”.

Toronto Dominion Bank became the second Canadian lender in three days to enter the euro senior market, with a five year deal. It could encourage US banks to issue in euros after reporting results over the next week.

CNFinance Holdings has filed for a $200m flotation of American Depositary Shares on the New York Stock Exchange.

Four borrowers took advantage of a barren US high yield market on Tuesday to price drive by deals, including a second deal in the past two weeks from offshore drilling company Transocean.

The US House of Representatives on Tuesday unanimously approved a bill that aims to increase the risk sensitivity of the capital treatment of certain cleared options.

European and Asian stock markets have fell sharply on Wednesday morning as investors attempted to position for escalation in trade hostilities between the US and China.

A long dated euro benchmark from Quebec had the strongest scores of the week on BondMarker.

Bank of Montreal was in the market on Tuesday offering senior preferred debt. This product is set to become very rare, as from September all senior debt issued by banks in the country will be eligible for their total loss-absorbing capacity (TLAC) requirements.