North America
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In an age of irony, financial markets are hitting their peak. Measures of volatility, across almost any asset suggest squeezed trading ranges and pricing exactitude just as the most volatile US president in living memory settles into his new job. Something has to give.
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Goldman Sachs led a procession of bank bond issuance this week as supply soared to its busiest month on record for high grade FIG deals.
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Corporate bond supply in the US market held steady as blue-chip names emerged from earnings blackout to take advantage of favourable funding conditions. -
The European Union this week added to the sense that global derivatives market regulation is set for a shake-up, with the European Securities and Market Authority calling for changes to “third country” central counterparty treatment and for a softer stance on how some market participants adhere to clearing rules.
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France’s €7bn green OAT is a cert for the awards ceremonies. But are investors in it really helping the environment?
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Schroders this week launched a global high yield fund with US exposure, while BNP Paribas IP announced it will reduce holdings of US corporate high yield bonds.
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Following Lloyds Bank's creation of the "CB markets" division, combining trading with capital markets origination, James Garvey, the division’s boss, has laid out the management team for the new structure.
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Eris Exchange, the US based swap futures exchange, added to its clearing members this week and appointed a global business development head to bring on board critical support providers for clearing, order management and execution.
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MidAmerican Energy joined the growing ranks of US utility companies that have issued green bonds with an $850m dual tranche offering on Monday that was four times subscribed.
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The chairman of the European Securities and Market Authority, Steven Maijoor, has complained of a mismatch in the treatment of EU central counterparties by other regulatory authorities versus that of overseas CCPs operating in the EU, at a time when a change of US regulatory direction appears imminent.
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Public sector borrowers are staying focused on the belly of the dollar curve, with a pair of issuers lined up for Wednesday. Demand at that part of the curve shows no sign of letting up, with two issuers out in fives on Tuesday — one of which was able to increase the size of its issue from its initial target.
