North America
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Primary US bond market issuance slowed to a trickle this week as corporate America entered earnings blackout, restricting dollar supply to one jumbo M&A trade. -
Falling expectations for Japanese inflation and the dovish turn at the US Federal Reserve sent the yen higher last week. This left USD/JPY at the lowest level since October 2014 going into this week, with only a slight retracement on Thursday bringing solace to Japanese exporters.
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The Federal Reserve (Fed) and the Federal Deposit Insurance Corporation (FDIC) have tossed out big bank plans to wind themselves up in a disaster situation, citing a string of failures in preparing the “living wills” which are supposed to guide regulators when a systemic firm goes down.
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A spate of dim sum MTN issuance that began with Australian banks has spread to include Canadian, Middle Eastern and European institutions.
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Credit Suisse launched a three-tranche holdco senior deal worth $4.5bn on Wednesday, taking advantage of the US market's slimmer premiums and deeper liquidity.
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JP Morgan may have beaten expectations with a 22% drop in profits at its investment bank, but the severity of the decrease augurs ill for other banks this earnings season.
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The International Swaps and Derivatives Association and other industry bodies have called on global regulators to drop dual-sided derivatives trade reporting and instead accept an entity-based approach.
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Nomura’s restructuring of its overseas activities has led to several senior directors in leveraged finance in both the US and Europe leaving the bank this week.
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Relentless focus on political risks in the UK and US has prompted some overwrought analysis of option volatility curves.
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Bank of Montreal (BMO) issued a €1.5bn five year covered bond on Wednesday, and despite the deal’s large size, it paid a modest new issue concession with an overall cost of funding that was lower than recent Scandinavian deals. The deal followed Canadian Imperial bank of Commerce (CIBC) which issued the first Australian dollar covered bond of 2016.
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Bank Nederlandse Gemeenten, FMO, Japan Bank for International Cooperation and the Province of Quebec all hit screens on Monday for forthcoming dollar deals, with bankers remarking that the SSA market could be set for another hectic week.
