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Derivatives market participants gathered at the Metropolitan Club in New York on Thursday to celebrate the winners of this year’s GlobalCapital Americas Derivatives Awards.

HSBC took home $6bn from a callable bond issuance on Thursday, after Barclays opened the callable market for jumbo Yankee issuers earlier in the week.

Hedge fund Caius Capital caused a stir this week with its assertion that a swathe of UniCredit’s capital is receiving the wrong regulatory treatment. The bank resoundingly denied it was in trouble, but the dispute has shone a light on the unclear complexity of the treatment of legacy instruments.

The euro bond market should spring back into life next week, with a pair of quiet weeks safely in the rear view mirror.

Investors may be underestimating the chance of a Eurosceptic, populist government taking power in Italy, one expert on the country warned this week, as the Five Star Movement and Northern League on Thursday made strong progress on forming a coalition — without any mainstream parties. When the general election in early March failed to deliver a government, such a coalition was widely deemed the worst possible outcome for the market — particularly as one of the few policies the duo share is a looser fiscal policy.

Public sector dollar issuance is expected to reignite next week but the flatness of the curve means supply will likely be concentrated at the short end.

The Futures Industry Association on Thursday broadly endorsed the need for mechanisms that help deal with extreme volatility on trading venues, arguing that there shouldn't be a "one-size-fits-all" approach.

GlaxoSmithKline added to the crush of red hot dollar bond supply this week, as borrowers began a spring stampede to lock in funding ahead of a likely rate rise next month.

The project company widening London's orbital motorway is set to refinance a roughly £1bn syndicated loan with public bonds in the coming weeks.

The global pressure on emerging markets, triggered by a multitude of factors but most obviously a rapidly strengthening dollar, has been felt across the asset class. The most notable casualty in equities has been Turkey, which at the beginning of 2018 was expected to produce a bumper crop of IPOs this year.

After releasing first quarter results, Canadian drugmaker Valeant is again looking to refinance old debt with less restrictive facilities, announcing a new $5.3bn refinancing package on Thursday.

Investors in emerging market assets have been caught short in the past fortnight, with many wrongly positioned for the rising dollar. The sharp fall in EM asset prices has caught many by surprise, but if two weeks of pain has taught them anything, it is that passive investing is not a good idea.