UBS

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.

Two insurance companies are meeting investors this week for tier two trades as the sector continues to beef up its capital ahead of the implementation of Solvency II in January 2016.

Industrial and Commercial Bank of China has mandated five banks to work on a US dollar-denominated Basel III tier two trade.

Korea Development Bank (KDB) staged a successful return to the international debt market on September 9, selling an SEC registered 10 year trade. The policy bank’s success is expected to encourage more Korean names to follow suit, but bankers are not necessarily expecting a rush of issuance.

A pair of Asian agencies have tackled the long end in dollars, but despite attracting big order books and setting spreads at the tight end of guidance, bankers stressed the deals should not be taken as a sign that the dollar market is back to full strength.

Asian bond issuers have finally decided to venture back into the market with a trio of investment grade names opening books to dollar deals. Export-Import Bank of China (Chexim), Shanghai Pudong Development Bank and Korea Development Bank are vying for attention in the first test of investor demand in three weeks.

Prabhat Dairy limped over the finish line with its IPO, with the Indian producer of milk and dairy products pricing the deal at the bottom of the range after being forced to extend bookbuilding and drastically slashing price guidance.

After the first week of proper business in European equity capital markets since the August shutdown, the early signs are good: investors are open to buying new deals.

Rarity value ensured strong demand for Bank of Nova Scotia’s return to the Swiss franc market in a week that also saw local insurer Helvetia continue its series of successful hybrid placements.

Covered bonds proved their worth this week as, despite difficult market conditions, 10 borrowers were able to collectively raise more than €8bn at levels that looked attractive compared to senior unsecured financials.

IPO bankers are treading cautiously around two of the post-summer season’s most highly anticipated trades in Hong Kong, after a global sell-off in stocks sent investors packing and clouded the outlook on shares sales with China links.

Banque Fédérative du Crédit Mutuel opened the euro tier two market for a long list of names, as bankers sit on a pipeline that some say contains more than 20 transactions.