North America
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The euro FIG market may lose the business of some US banks in the looming results reporting season, because it can’t compete with the depth of demand on offer in dollars. -
As the primary US banks prepare to release earnings for the third quarter there is little sign of panic in options markets despite overwhelmingly negative expectations.
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Two Yankee issuers enjoyed the full attention of investors amid improving market conditions this week.
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SumitG bears some striking improvements to Figsco, a similarly structured triple recourse deal that never made it to the market. These include a simpler guarantee, better transparency, cleaner collateral and more of it, as well as more frequent third party checks. But ultimately investors may only need to take a view on its recourse to Sumitomo Mitsui Trust Bank’s €320bn balance sheet.
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Rolls-Royce this week injected some life into the primary US dollar bond market’s stuttering new issue engine with its first deal in 22 years.
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Electricité de France this week delivered a lesson in execution and timing as it hoovered up pent up demand for paper as corporate America skulked in earnings blackout amid perkier market conditions.
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Royal Bank of Canada issued the first dollar denominated Canadian deal in three months at the widest spread this year, while Münchener Hypothekenbank supplied the only euro deal of the week.
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Mixed fundamentals among US oil producers have caused the futures curve for WTI Crude to flatten, as spot prices rise.
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Goldman Sachs and Sumitomo Mitsui Trust Bank are set to start marketing SumitG, a bond backed by a portfolio of RMBS, but secured by claims against both institutions. Goldman will be hoping to avoid the fate of last year's Figsco issue, a note with a similar structure which never made it to market. Bill Thornhill reports.
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Brokers and traders scoured for signs of market appetite this week for new short term VIX options which began trading on Thursday.
