North America

A measure of calm is returning to energy commodity markets after a series of wild weeks, but implied volatility measures remain heightened across the sector.

UBS is planning to raise senior debt at group level in what has been a busy year for the borrower.

Exasperated European FIG bankers are unsure whether the US Federal Reserve will raise rates on Thursday but they do agree that the central bank should “get on with it”.

Two Indian pharmaceutical companies, Cipla and Lupin, are sounding out banks for loans to fund recent acquisitions in the US.

As credit markets prepare for the FOMC announcement on Thursday, some traders said they are exhausted with speculation about the timing of a hike.

Pentair, the UK-headquartered maker of fluid and thermal systems, priced a €500m bond in line with initial price thoughts on Monday, after deciding to plough ahead with its funding plans despite a difficult market.

The Ontario Teachers’ Pension Plan (Teachers’) has appointed Nicole Musicco to helm its Hong Kong operations in a newly created position. The move demonstrates the growing importance of the Asia Pacific region for the fund, which invests across asset classes.

The International Swaps and Derivatives Association is likely to have to change its licensing practices as a result of a $1.9bn credit default swaps price fixing settlement by banks, according to a source familiar with the case.

Bank of Montreal (BMO) returned to the covered bond market for the fourth time this year to issue its third benchmark in euros. At seven years, the tenor was longer than the borrower’s previous two benchmarks, but at €1bn it was considerably smaller even with a wider spread.

Intesa Sanpaolo’s inaugural AT1 note, which was priced 7.7% on Thursday, was hailed as an impressive trade by London bankers.

An improved picture is emerging for credit, said traders and strategists this week, as concerns around global growth and energy prices abate. But the immediate beneficiary is more likely to be the US than Europe, they said, although borrowers on both sides of the Atlantic have a great issuing window.

An improved picture is emerging for credit, said traders and strategists this week, as concerns around global growth and energy prices abate. But the immediate beneficiary is more likely to be the US than Europe, they said, although borrowers on both sides of the Atlantic have a great issuing window.