North America
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The dollar FIG market enjoyed its busiest week of the year as banks emerged from the sidelines to dominate the primary market following a two week rally in credit spreads.
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Intercontinental Exchange’s assertion this week that it is mulling an offer for the London Stock Exchange Group, along with rumours of rival interest from CME, has ushered in a ‘phoney war’ with main suitor Deutsche Börse, say market participants — but the ensuing battle makes the future of LSE’s clearing business far from certain. -
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The primary market looked less stable on Thursday as a seven year euro deal from Bank of Nova Scotia and a sterling deal from Canadian Imperial Bank of Commerce were slow to build and barely oversubscribed. However, a competing euro seven year from Bankia found strong demand.
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The CME Group will launch trading of a new dollar index futures contract in April, in collaboration with Bloomberg, with the new index including the offshore RMB (CNH) as one of its currencies.
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Georgia Power has become the second investment grade US utility — and the second Southern Company subsidiary — to issue a green bond, as its peers assess the instrument’s potential.
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Tradeweb Markets, a fixed income and derivatives marketplace operator, has bought CodeStreet, a firm that specialises in developing data-driven trade identification and workflow management software.
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Intercontinental Exchange (ICE), the exchange, clearing house and data services operator that is circling an approach for the London Stock Exchange, has agreed to buy Standard & Poor’s Securities Evaluations and Credit Market Analysis.
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HSBC followed through on its plans to issue loss-absorbing debt from its holding company on Wednesday, putting a big dent in its issuance targets with a $7bn deal.
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European corporate bond issuance is finally picking up. Since mid-February, weekly issuance has at last got up to, and sustained, the €7bn-€8bn run rate that last year the market managed right from the off in January.
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Warburg Pincus is offloading shares in US-listed China Biologics Products via a block that could raise up to $385m.
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Solera Holdings, the Texan car and property insurance claims processor, priced its $3.9bn acquisition debt package in line with revised guidance, after reshaping the debt structure in response to weak investor demand.
