United States

Equity investors are looking more closely at valuations after a brutal sell-off last week left many funds questioning where to allocate capital during a changing cycle.

Rostin Behnam, a commissioner at the US Commodity Futures Trading Commission (CFTC) flagged potential issues in the governance and risk management of clearing houses (CCPs) on Tuesday.

The International Swaps and Derivatives Association (ISDA) has moved on from its role as secretary of the special committees that rule on whether credit events that trigger credit default swap (CDS) payouts take place.

The advance of global warming, highlighted by the Intergovernmental Panel on Climate Change’s report this week, not only demands that the private sector accelerate efforts to cut carbon emissions. Companies must also adapt to the changing climate – and this will involve interacting in new ways, experts say.

Irish boutique investment bank Rubicon Infrastructure Advisors has hired two bankers with over 40 years of experience to expand its business into the UK.

A sharp sell-off in US equities on Wednesday led to global panic on Thursday as other indices followed suit. Asian and European markets showed some sign of life on Friday, although were still a long way down, but the ramifications of a change in risk sentiment could have lasting effects across capital markets, write Sam Kerr, Ross Lancaster, Costas Mourselas, Craig McGlashan and Aidan Gregory.

Japan’s Sumitomo Mitsui was one of two benchmark issuers in dollars in a week cut short by holidays, as markets were battered by volatility ahead of the start of US bank earnings season.

Conagra Brands became the biggest high-grade casualty of market volatility when it pulled a multi-billion M&A financing on Thursday.

Issuer rating: Baa3/BBB+

Equity markets in the UK, US and eurozone sold off late Wednesday and on Thursday, leading to a mixed reaction from equity derivatives strategists.

There are more than $512bn worth of bonds that will need to switch to an alternative reference rate if global regulators execute plans to ditch the Libor benchmark by the end of 2021, Linklaters said on Wednesday. GlobalCapital asked the law firm what needs to happen for a successful switchover.

China’s Niu Technologies has launched bookbuilding for a $103.8m Nasdaq IPO, but despite plenty of pre-deal interest, sources said they did not expect the trade to be a blowout.