North America
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The costs incurred to centrally clear derivatives trades could be greater than transacting them bilaterally, US government researchers have argued, in findings that would deal a blow to regulators’ attempts to curb systemic risk in the global market.
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IHS Markit has launched indices that track US dollar, sterling and euro investment grade infrastructure corporate bonds, as well as US dollar high yield infrastructure names. -
Wells Fargo paid its third visit in 12 months to the 10 year part of its euro senior curve this week, attracting strong demand for a deal deemed fairly priced.
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Fosun International-backed insurer Ironshore is looking to raise some $100m via a US listing in a trade to feature only secondary shares, according to a filing with the US Securities and Exchange Commission.
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Teva Pharmaceuticals had the corporate dollar market in its thrall this week as it took advantage of US corporate earnings blackouts to print a $15bn M&A blockbuster that attracted nearly $70bn worth of orders.
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Canadian Imperial Bank of Commerce this week priced the first negative yielding non-Eurozone covered bond, with a well oversubscribed order book and a tiny new issue concession.
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US banks coming out of earnings blackouts provided all the fare in FIG this week, and deals flew to investors who have seen almost no paper since mid-June.
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The first sterling senior unsecured FIG deals to hit the market since the Brexit vote brought in astonishing demand, first for a blockbuster £1bn trade from Wells Fargo, followed by a bond from Bank of America Merrill Lynch that brought total sterling issuance to £1.75bn on the week.
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Credit Suisse is the sole underwriter of a bridge facility for Galenica's $1.53bn acquisition of US biopharmaceuticals firm Relypsa, the acquirer said on Thursday.
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Rating agency Standard & Poor’s said this week that global credit markets are poised either for a "slow burn" of deteriorating market conditions or something even worse: a credit exit, or "Crexit" — where a major economic or political shock triggers a shutdown of global markets altogether.
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Morgan Stanley reported profits of $1.6bn for the second quarter of 2016 compared with $1.8bn in the prior year quarter.
