North America

The Basel Committee on Banking Supervision has dropped proposals to ban banks from using agency ratings in their internal risk-weighted asset models, a move which could save the industry the job of raising billions in extra capital.

The IMF changed the weighting formula for its Special Drawing Rights basket ahead of the inclusion of the renminbi last month. However, using the old SDR formula to determine Chinese currency’s weight would have been preferable, according to a former IMF official.

Air Liquide and Saipem loans show that bankers and borrowers are not yet slowing down as they seek to tie up remaining bumper deals they launched in a busy fourth quarter.

Flint Group, the printing and packaging inks supplier, has allocated a €150m add on facility to the six year term loan ‘B’ it signed in May.

Canadian Imperial Bank of Commerce (CIBC) has printed a 10 year note on Monday, its first Swiss franc covered bond since 2012, and its fifth currency in covered bonds this year.

BlackRock, Bank of New York Mellon and State Street have agreed to include Markit’s exchange traded fund collateral lists in their collateral management schedules.

Unédic and the Province of Quebec on Monday became the first issuers to print in euros since the European Central Bank disappointed market participants at a meeting of its governing council last week.

General Electric has terminated an agreement to sell its appliance business to Swedish household appliance producer Electrolux, toasting bankers' plans to provide bridge financing.

Canadian Imperial Bank of Commerce took advantage of the back-up in three year euro swap yields following the European Central Bank meeting last week to issue a covered bond on Monday. The issuer paid a relatively small concession, funded 10bp more cheaply than it could have done in the dollar market and placed nearly a third with central banks.

European regulators have ditched a long-running investigation of 13 major banks on charges of collusion in the credit default swap market, citing insufficient evidence.

Tradition and Intercontinental Exchange are both making advances in power and energy derivatives, after unveiling initiatives this week.

A trio of Wall Street’s biggest banks led a dash for dollars this week as a positive market backdrop drew a flood of issuance ahead of the year-end slowdown.