North America

The Canadian covered bond market is one of the few that is expected to continue growing in 2016. With Canadian banks likely to issue a similar amount of euro benchmark paper as Italian banks the region is expected to produce the fourth equal largest amount of supply next year.

The US Commodity Futures Trading Commission this week voted in a final rule on margin requirements for uncleared swaps for bank dealers and major swap participants – despite the objection of one of the three commissioners that it will be far less effective at reigning in US bank excesses than an earlier version

Persistent volatility has left the vast majority of bank capital trades trading wider in 2015, with poor periphery performers joined by some notable big hitters at the bottom of the pile.

The dollar market for corporate bonds came to a shuddering halt as potential issuers kicked borrowing plans into next year amid choppy market conditions.

Faced by a dwindling market for single name credit default swaps and the prospect that dealers could retreat from the product due to higher margins on non-cleared derivatives, a group on the buy-side has taken clearing into their own hands, in what one seasoned observer said is an attempt to “head off” an uncertain regulatory foe.

The European high yield bond market tightened on news of the Federal Reserve’s rate hike but syndicate desks are still wary that the ugly situation in the US may have knock on effects in their market.

A US public sector borrower will bring a large green bond which will startle the US market, according to one market expert, as green bonds gain further importance after COP 21.

India's Azure Power Global is seeking approval to float on the New York Stock Exchange, having a filed a preliminary prospectus with the Securities and Exchange Commission on Wednesday.

The US Federal Open Market Committee (FOMC) raised federal funds rate for the first time since the financial crisis, opting for a 25bp increase. The move had been widely expected, but analysts are expecting a degree of volatility, at least in the offshore RMB (CNH) markets.

High yield credit and stock markets were immediate beneficiaries of the US Federal Reserve's decision on Wednesday to raise interest rates for the first time since 2006.

A group of 24 investment management firms has pledged to begin voluntarily clearing their single name credit default swap trades through central counterparties (CCPs), hoping this will encourage other buyside firms to follow suit and help revitalise the credit derivatives market.

Terex, the US lifting and material solutions company, has allocated $900m equivalent across two term loan facilities yesterday, widening the pricing on both.