North America

Canadian Imperial Bank of Commerce has appointed leads to update Australian investors and may issue an Australian dollar-denominated covered bond, the first in over a year.

Chinese metals exchange operator Yintech Investment Holdings is looking to list in the US, having filed a draft prospectus with the Securities and Exchange Commission on Monday.

Listed futures and options activity growth in March was strongest in equity index and volatility-linked products.

The remarkable conditions in Europe’s corporate bond market since the European Central Bank trained its quantitative easing firehose on the market were clear again today when Federal Express, the US deliveries group, raised €3bn to finance its purchase of Dutch peer TNT Express.

Standard Chartered has appointed a new head of FIG capital markets for Europe and the Americas, according to an internal announcement seen by GlobalCapital.

Car parts distributor LKQ is set to become the first US company this year to issue a high yield bond in euros — and more US names may be on their way, bankers say.

The US Securities and Exchange Commission has a chance to examine its conscience over plans to curb derivatives use. It should do so after the industry condemned a sweeping approach that revealed little comprehension of the many sensible interactions that exist between derivatives and everyday capital markets.

UBS has joined a growing list of European banks ramping up their senior holding company level issuance in 2016, printing a large three tranche deal in dollars as demand for the product surges.

Recent actions by the European Central Bank and US Federal Reserve, along with more buoyant commodity prices, have reined in a long running market dislocation, with the basis between credit default swaps and cash bonds having tightened during March.

The vitality of the covered bond market was in no doubt over the first quarter of 2016 as volumes reached their highest level in five years.

The European Securities and Markets Authority (ESMA) has slammed the Depository Clearing Corporation’s Derivatives Repository on several counts for delays over data access, but served up a €64,000 fine for the breaches — a figure that amounts barely to an office whipround.

Investments into emerging market equity exchange traded funds have slumped this year, but this has left call structures and outperformance options looking cheap if Chinese capital outflows ease.