North America

Bank of Nova Scotia issued the first sterling fixed rate covered bond in 18 months in a larger than expected size and at a funding level that was not possible in either euros or dollars.

The US Commodity Trading Futures Commission (CTFC) is divided over derivative rules as it agreed by split vote on Thursday to accept substituted compliance comparability for Japan uncleared margin rules. And one of its three commissioners, Sharon Bowen, raised a number of concerns for systemic financial risk as she voted against the motion.

Emerging market economic growth managed to hang on to much of its momentum over August, according to the latest release of the IHS Markit Emerging Market Composite PMI index.

Eris Exchange, the US-based futures exchange group, has opened a London office and hired a long-serving Barclays banker to oversee the European operations.

The $8.8bn merger between UK software company Micro Focus and assets of Hewlett Packard Enterprise has gifted the loan market a $5.5bn deal, one of the largest in the UK this year.

US-listed Chinese travel company Ctrip.com International has raised $2.2bn after pricing a convertible bond and a block of American Depositary Shares.

The International Swaps and Derivatives Association has published a document to help market participants navigate the challenges of trading with counterparties in China.

Bank of Nova Scotia has issued the first sterling fixed rate covered bond since March 2015. The positive yielding five year tenor proved a more appropriate maturity than the prevailing 2026 slot which euro issuers have crowded into and the funding was cheaper than a five year dollar covered bond.

Royal Bank of Scotland and Nationwide Building Society set out to raise loss-absorbing debt on Wednesday, as UK credits took advantage of a post-Brexit boost to access funding in the still-popular dollar markets.

US agricultural equipment manufacturer AGCO launched its first ever Schuldschein for €150m on Tuesday. Some of the proceeds will be used for the acquisition of Danish manufacturer Cimbria.

Bayer and Monsanto have moved a step closer to agreeing a multi-billion dollar merger as Bayer confirmed that the two are in advanced discussions. A takeover would include the largest loan of the year of about $65bn.

Gridsum Holdings, which recently filed for a listing on the Nasdaq, is testing investor appetite for the $75m-$100m transaction.