North America

Rising jitters around the approaching Italian referendum and ECB meeting in early December are keeping European credit spreads elevated, say traders, but many see the potential for a big rally given the extent of underperformance versus the US in November.

Corporate borrowers remained active in the dollar market in the run-up to the Thanksgiving holiday as investors continued to put cash to work in the high grade credit markets.

Bank of America, on Monday, made its third trip to the dollar market since October 1 with an opportunistic dash amid tightening spreads in the run up to Thanksgiving.

Derivatives exchanges are making a push on natural gas with three new initiatives unveiled, amid expectations that demand to trade such products across global markets is set to grow.

trueEX, the interest rate swap trading platform, has broadened its push in the asset class with a new facility for trading, processing and novation of non-cleared contracts.

GTX, the institutional foreign exchange trading arm of GAIN Capital, has named a chief executive of its swaps execution facility.

Zimmer Biomet, the US orthopaedic reconstructive products producer, has mandated three banks to arrange its debut in the euro bond market, which may be a dual tranche transaction.

The Financial Stability Board made seven changes to its list of global systemically important banks (G-SIBs) on Monday, altering the levels of capital some large financial institutions will have to hold.

In this round-up, the Hong Kong Stock Exchange saw surges in trading of offshore RMB (CNH) futures, BMO became the first Canadian bank to become market maker for CAD-RMB direct trading, and the country of Djibouti is launching a Silk Road Bank. Plus a recap of GlobalRMB’s top stories this week.

Chinese biopharmaceutical company BeiGene has net $200m from a follow-on public offering of American Depositary Shares (ADSs).

The transition to a new IMF special drawing rights (SDR) basket, inclusive of the renminbi, is just the starting point for efforts by China and the IMF to see the basket take up a greater role as a global liquidity tool.

Morgan Stanley led a trio of banks tapping the dollar market this week across the capital structure and exploiting the post-election spread tightening in the sector.