North America

Alliance Data Systems Corporation (ADSC) raised €400m from a high yield bond on Thursday, taking euro issuance from US companies to 20% of all European sales in the asset class so far this year.

Toronto Dominion had less luck than its Canadian peers when it issued the third sterling Canadian covered bond of the year this week. Even though the transaction offered a hefty concession there was only sufficient demand to issue in half the size of the previous deals.

Tighter trading levels for bank tier two in the dollar market could shed light on the future of the equivalent market in Europe. Stand by for spread tightening.

Toronto Dominion became the third Canadian bank to issue a sterling covered bond benchmark this year with a deal launched on Monday. Despite an attractive spread, the book was slow to build and the deal size looked set to be smaller than average.

Hong Kong-based non-bank financial firm AMTD is looking to list its investment banking (IB) arm on top of the planned IPO of its insurance division, according to sources.

Blue-chip names tapped the US investment grade market in size this week as corporate supply ended February on a high with borrowers jumping in ahead of president Trump’s debut speech to Congress.

Corporate borrowers are taking advantage of rising political worry among investors by issuing short dated floating rate notes in euros which stand a good chance of bearing negative yields, write Michael Turner, Ross Lancaster and Jon Hay.

American Express led a steady flow of issuance from financial names as supply marched on at a record breaking pace this week, driven by insatiable investor demand.

The March 1 deadline for the implementation of variation margin requirements has passed, leaving financial end-users and dealers feeling the heat.

BlackRock has received the very first RMB qualified foreign institutional investor (RQFII) quota under the US allocation from the State Administration of Foreign Exchange, in yet another sign that global asset managers are ready to boost their China investments.

US car rental company Avis Budget Group called in on European investors on Wednesday with a refinancing that extended a busy pipeline of reverse Yankee high yield deals in euros.

CLSA has shuttered its domestic equity research business in the US, resulting in the loss of some 90 jobs in research, sales and trading and corporate access.