North America
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There is no use crying over missed deadlines, or throwing around blame. Europe will not meet the September 1 effective date for imposing margin on uncleared swaps, so US regulators now have a tough call to make on whether to delay as well. -
US fashion brands group PVH Corp on Tuesday sold its first bond in the euro high yield market, amid growing concerns that the UK could vote to leave the European Union.
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Sysco Corp, the US food service group, completed the financing for its acquisition of UK peer Brakes Group on Tuesday with a €500m bond that was successfully sold in the teeth of market volatility.
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The Province of Manitoba sold a 10 year dollar bond on Tuesday, taking advantage of a good window despite the impending Fed rates decision on Wednesday.
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Citadel Securities, the market making business, has made a senior FICC sales hire from Barclays to its Chicago office.
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Cott Corp, the US-Canadian drinks maker, on Thursday sold a €450m bond to support its buyout of Eden Springs of Switzerland.
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Two new borrowers launched deals in the European high yield market on Monday, PVH and Salini Impregilo. Both are double-B rated, like most of last week’s deals.
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Law firm Allen & Overy and financial services firm Deloitte are working together on a solution to help big banks comply with regulations that are due to come into force from September and require margin to be posted on over-the-counter derivatives trades.
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US regulators are determined to press ahead with plans to impose margin rules on uncleared swaps from September despite the disadvantage this would cause US dealers, said lawyers, after the European Commission postponed its effective date until mid-2017.
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The response to some of this week’s dollar deals has got some bankers believing that next week’s US Federal Reserve meeting might not prove to be the market shutting millstone that it had promised to be just a few weeks ago.
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