North America

Berenberg has strengthened its US-focused team, hiring a new chief economist to focus on the region.

Three of the UK’s biggest banks raised $5bn in senior and sub notes across the curve in the dollar market on Monday, while ING Bank still managed to beat them all in terms of size.

Markit has launched an FX trade confirmation service that it hopes will mitigate operation risk and allow counterparties to manage trade lifecycle events more efficiently.

Beneath listless summertime stock market trading, options markets continue to signal increasing worry.

Citigroup has hired Stephen Roti to head its global corporate equity derivatives team.

Poseidon Containers, the Greek shipping company, has suspended its plan to list on the New York Stock Exchange, blaming unfavourable market conditions.

ING Bank launched a dual tranche benchmark in dollars on Monday morning, as the currency continues to provide a funding outlet for European banks.

Last month we noted that market-based measures of implied volatility had fallen considerably as Chinese indexes stabilised, developed market equities moved toward recent highs and commodity selloffs were contained. Two weeks later, we find that volatility risk premiums have fallen further in most cases, as traders price in less risk during a seasonally quiet period.

HSBC’s second senior unsecured dollar benchmark of the year and a $1.25bn hybrid deal from Citi provided the highlights of a relatively quiet week for financial issuance in the US.

Puerto Rico’s electricity authority has made a proposal to restructure its debt that could mean bondholders recover between 65% and 70% of principal in an exchange offer, following a default on the island's other debt over last weekend.

CME Group has agreed to enter into a joint venture with China Foreign Exchange Trade System and National Interbank Funding Center (CFETS), in a move that positions it to open up CNY denominated markets to foreign investors.

Holidaying investors and less than ideal market conditions proved no obstacle for three European banks which took orders just shy of $40bn to sell $6.35bn of additional tier one (AT1) debt in four sessions.