North America
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The chance of the United Kingdom voting to leave the European Union has been driving sterling option premiums sharply higher, but so far has not affected the price of risk in the euro. That, say strategists, is likely to change. -
The International Swaps and Derivatives Association's EMEA Determinations Committee has ruled that Norske Skog has triggered a restructuring credit event.
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The first quarter results of the major US firms show in detail just how painful the early volatility in the year has been, with double digit percentage point declines in multiple business lines.
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After a bumper two weeks, issuance in dollars slowed down this week in anticipation of the Federal Open Market Committee’s meeting on April 26-27.
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Covered bond activity slowed this week with only three deals emerging, half the number seen in the prior week, with Canadian issuers at the fore.
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Bankers are predicting more than $100bn of corporate supply in the coming weeks as US corporates emerge from earnings blackouts to exploit near-perfect funding conditions ahead of an expected spike in volatility.
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A pair of rare SSA names kept Kangaroo and Kauri bond supply ticking over this week, as Asian investor appetite drove demand.
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The Province of Ontario on Wednesday became the second Canadian issuer to print a 10 year dollar benchmark this month, adding to a recovery in issuance at that part of the curve.
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Bank of Nova Scotia (BNS) has issued the largest legislative US dollar denominated covered bond at a considerably tighter spread than the previous two transactions and with a minimal new issue concession.
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Manulife Financial is set to kick off bookbuilding for its Singapore-bound $500m real estate investment trust (Reit) IPO next week, if feedback from investor education is positive.
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An increase in swap spreads at the short end of the curve drove public sector issuers to focus their attention on shorter maturities in the dollar market this week.
