North America

Investors swarmed all over Royal Bank of Scotland’s first offering of additional tier one (AT1) paper on Wednesday, which had some bankers recalling the early days of the product.

RBS chose a dual tranche debut in additional tier one (AT1) on Wednesday, and some bankers think the bank’s improving debt story has helped it pay a smaller pick-up than others for a 10 year call.

US futures and options markets have begun to point towards a later rate hike by the Federal Reserve than previously anticipated, say market participants, as macroeconomic risk factors overshadow the country’s stronger economic data.

Export Development Canada (EDC) has priced its inaugural public bond in offshore renminbi and, having beaten its initial size target on the deal, could soon be back in the market.

Rafael Elias has left Crédit Agricole for US firm Cantor Fitzgerald’s emerging market strategy and debt capital markets business.

The Asia ex Japan bond market was crowded on August 4 with Oceanwide Holdings and eHi opening books for respective dollar bonds, and Export Development Canada (EDC) and HNA Tourism opting for offshore renminbi (CNH) offerings.

Chinese banks now hold four of the top five spots in SNL Financial’s ranking of the world’s largest banks, while Europe’s global footprint is shrinking.

Foreign exchange settlement firm CLS has teamed up with LCH.Clearnet’s ForexClear platform to develop a service that will enable physical settlement of cleared FX products.

Increasing volatility correlation across different asset classes could be an early warning sign of a financial crisis, some investors and strategists have warned, even though options prices have yet to convey any panic.

The Chicago Board Options Exchange has introduced 10 equity option strategy indices to the investment world, with intra-day valuation.

UBS has taken over $7.5bn of orders for its latest AT1 offering, an impressive feat given the trade was Reg S only and was executed on the last Friday of July.

European banks are being urged to use a wide open dollar market before the US Federal Reserve hikes rates later this year, with Royal Bank of Scotland and UBS already lining up dollar additional tier one trades, writes Tom Porter.