North America
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A global equities sell-off and political concerns hit the dollar new issuance market this week as trades gapped wider of new issue and borrowers remained on the sidelines.
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European bank issuers of additional tier one (AT1) have been abandoning the euro market in favour of dollars. But some have had to start embracing equity conversion structures to join in because it is one of the few ways to account for AT1s as debt and avoid a mark-to-market swap. -
Rosenthal Collins, the US futures broker and clearing company, has promoted Robert Turner to be its new chief operating officer and Patrick Carey to be in control of a new function, strategic implementation.
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New deals marketed this week by US borrowers Owens-Illinois and Federal-Mogul pushed reverse Yankee issuance to 25% of the €22bn of euro high yield issuance so far in 2017.
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Kingsbridge, the holding company of cable TV service provider Asia Broadcast Satellite (ABS), has launched a $280m refinancing into general syndication.
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A clutch of China’s technology stars had been expected to dazzle the market with their IPOs this year, but the evolving regulatory environment means many are ambivalent about whether to list onshore or off. Market watchers say fintech players could be pushed to the US, even as other tech firms consider an A-share IPO. John Loh reports.
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Volkswagen has returned to the public straight bond markets in its own name for the first time since September 2015, when it was swept from the market by its emissions test cheating scandal. Bond markets being what they are, a multi-billion euro blowout is likely.
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ABN Amro attracted a healthy book for a large $1.5bn tier two trade on Monday, as the FIG market filled up in both dollars and euros after a busy week of potential risks.
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French asset manager Tobam Core Investments opened its first international high yield fund on Monday. The €100m fund aims to go against the grain.
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FTSE Russell, the global index and data company, has hired Sean Smith as managing director of derivatives licences.
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US President Donald Trump’s administration this week showed it was ready to release its hounds on the post-crisis global regulatory ecosystem, as its nominee to run the Commodity Futures Trading Commission (CFTC) bared his teeth at “excessive regulation”, showing that all the talk of tearing up the rules may soon turn towards action. Costas Mourselas reports.
