North America

Export Development Canada has shown that the lower bound for dollar demand falls below the three year part of the curve, as it drew a well oversubscribed book on Thursday for a no-grow $500m August 2018 Reg S/144a deal.

The subdued US private placement (USPP) market could be set to for a rush of deals in September, enlivening what has been a quiet year, writes Robert Cooke.

Numerix, a provider of cross-asset analytics for derivatives valuations and risk management, has signed up Siam Commercial Bank as its first client in Thailand for a credit valuation adjustment (CVA) solution.

Commodities firm Trailstone has signed its first syndicated loan co-ordinated in Europe.

trueEX, the interest rate swap trading platform, has begun providing execution of Brazilian real swaps cleared at CME Group.

The International Swaps and Derivatives Association (ISDA) has launched a protocol aimed at helping market participants comply with the variation margin requirements that come into force in March next year.

Far from seeing Tullett Prebon’s voice-hybrid push as a last stand of the dinosaurs against robot supremacy, those firms going all-in on electronic trading would do well to re-examine their own longevity.

Standard Chartered and Société Générale were both marketing dollar-denominated tier two bonds on Tuesday, as they looked to add to the $10.45bn of loss-absorbing debt Europe's banks have already raised in the US this month.

The World Bank began meeting investors this week for a landmark bond denominated in the IMF special drawing rights (SDR), after it gaining approval from the People’s Bank of China. More issuers are lining up to sell SDR bonds, with each trade likely to have unique features.

The dollar market for public sector borrowers is showing remarkable disdain for bankers’ summer holiday plans, with a trio of deals printed across the curve during the usually quiet days of August. But this week’s long dated deals are unlikely to signal jumbo 10 year dollar benchmarks’ return from a long vacation.

Tullett Prebon has extended its land grab in hybrid voice brokerage across trading classes, with a foreign exchange platform launch this week adding to recent manoeuvres in other areas such as rates and credit derivatives.

Dovish actions taken by the Bank of England last week, particularly its sterling corporate bond buying programme, helped send short dated credit and equity implied volatility near to their post-crisis lows, prompting traders to begin to roll out of short volatility trades and size up potential bumps in September.