North America

The financial services arm of US automaker Ford has picked two banks to arrange a potential bond denominated in Singapore dollars.

Royal Bank of Canada demonstrated the health of the primary covered bond market on Friday when it priced a €1.5bn deal that offered a minimal new issue concession. And with only one week to go before the European Central Bank’s policy meeting, other issuers will be keen to join apoBank, which mandated leads for a deal.

The high yield market, desperate for some good news, was left waiting by the phone on Thursday as Solera Holdings' $2bn of notes were said to be struggling to get priced, even though they offered a 11% yield.

Coal is about the most basic commodity. It has become deeply unfashionable in recent years, tarred as the worst culprit in global warming. The charge may be true, but the accusations are so vehement partly because promoters of other hydrocarbons — oil, gas, biofuels — want to disguise their own responsibility.

The US FIG market rebounded sharply this week as Mitsubishi UFJ Financial exploited a favourable market backdrop and printed the first TLAC eligible senior trade from a Japanese bank.

Johnson & Johnson and Cisco Systems led an issuance blitz by top rated US blue chips this week as the dollar market enjoyed strong momentum. More than $23bn of corporate issuance came in four sessions.

The industry-wide unsupported exposure of the derivatives market to collateral settlement failure is $27bn for sellside firms alone, the Depository Trust & Clearing Corporation said this week.

Two new derivative products that were launched this week suggest an increased focus on alternative sources of beta and exposure to risk premiums.

Royal Bank of Canada reported a C$24m year-on-year decrease in profits from its capital markets division on Wednesday, as debt origination declined and the bank increased provisions against its oil and gas exposure.

TradeStation Group has sold the accounts of its IBFX/TradeStation Forex subsidiary to OANDA as IBFX looks to exit the forex dealer business.

Regulators should focus on broad outcomes and similarities between US and European Union trading platforms rather than conduct a granular, rule-by-rule comparison of the two frameworks, the International Swaps and Derivatives Association has said.

Inflation data and distortions from oil prices may lead the Federal Reserve to move faster on raising rates than futures prices imply, BlackRock has warned.