North America

UBS reopened the additional tier one market for the first time since Brexit this week, taking advantage of highly supportive conditions in the dollar market. With the asset class ever more supported by regulators, further issuance could be imminent.

Microsoft kicked off a front-loaded week of corporate issuance in the dollar market weighted as borrowers emerged from earnings blackout and rushed to print ahead of non-farm payrolls on Friday.

France's Danone has completed syndication of $13.1bn of loans to fund the $12.5bn acquisition of North American organic food and drinks company White Wave. But there might not be many more jumbo deals this year, as political volatility looks set to hang over the M&A market for a little longer, writes Robert Cooke.

Barclays, Santander UK and UBS blitzed the US market on Wednesday in a series of trades aimed at boosting levels of total loss absorbing capacity (TLAC) eligible debt.

US federal agencies have agreed a final rule exempting some commercial and financial derivatives counterparties from having to pay margin on trades not cleared through a clearing house.

The International Swaps and Derivatives Association and IHS Markit have updated their ISDA Amend protocol for margin on uncleared swaps and cross-jurisdictional notification between counterparties, in response to changing regulatory requirements.

Barclays and UBS blitzed the US market on Wednesday in a series of trades aimed at boosting levels of total loss absorbing capacity (TLAC) eligible debt.

Intercontinental Exchange restated its credit default swap credentials this week with ICE Swap, a newly launched trading platform for cleared credit default swaps, only days after it agreed to sell its Creditex hybrid voice broker credit derivatives business to Tullett Prebon.

HSBC’s troubled US business has turned a corner, with the bank now allowed to pay its first dividend from the American subsidiary to the parent since 2007. That draws a line under a decade of woe, which saw the bank brutally burned by its purchase of Household Mortgages, and spin-offs including the sale of its credit card business and many of its upstate NY branches.

The Province of Quebec (Aa2/A+/AA-) sold an A$80m ($61m) tap of its May 2026 Kanga bond on Wednesday.

US federal agencies have agreed a final rule exempting some commercial and financial derivatives counterparties from having to pay margin on trades not cleared through a clearing house.

US coatings manufacturer Axalta priced its $875m dual currency offering on Tuesday as it brought this week’s second cross-border bond, at pre-Brexit pricing levels.