North America

Post-crisis regulation, funding pressures and liquidity demands are leading investors to favour derivative products over underlying assets in novel ways, said analysts.

The Singapore dollar bond market’s recent resurgence of private bank demand has prompted a slew of subordinated debt issuance with Manulife Financial Corp launching a rare insurance tier two and Mapletree Logistics Trust opting for a perp non call five and a half on Monday.

Deutsche Bank returned to the dollar market with its biggest-ever deal in the currency as it exploited favourable funding conditions.

The geographical spread of US private placement issuance has been shaken up in 2016, according to two USPP bankers based in London.

Corporate issuers led a dollar stampede to complete one of the busiest weeks of the year for US high grade issuance, with more to come as Dell prepares to announce a $16bn M&A financing as early as Monday.

ENSO Financial Analytics, an ICAP Group company that analyses data for hedge funds and prime brokers, has added a platform that is targeted at new managers.

US biopharmaceutical firm Johnson & Johnson on Wednesday issued a four tranche bond, including 19 year notes, amid much competition in a market that absorbed 17 deals this week.

The recent stabilisation of financial markets, following February's turmoil, has been good for some investors but not a positive for many trading in the options market.

Kraft Heinz Foods printed a €1.8bn two tranche note with minimal concessions on Wednesday — a day that produced more than €7bn of primary issuance and proved that investors were hungry for variety in the sectors they buy.

Detroit car maker General Motors on Wednesday received orders totalling more than seven times its €500m bond as it dodged investor weariness with the glut of supply in the market.

Allianz Risk Transfer, with the help of several partners, has created a novel hedge product to protect wind projects against the risks of intermittent wind resources, which deal watchers say could have a major impact on the market.

German specialty chemicals company Evonik Industries launched €1.9bn of loans into syndication on Wednesday.