United States

Karel Lannoo, the chief executive of the Centre for European Policy Studies, indicated that he was optimistic about the prospects of an equivalency agreement on the oversight of clearing houses between the United Kingdom and EU 27 after Brexit.

A stream of low-rated US borrowers in euros could continue to flow this year, said market participants, consolidating these reverse Yankees as the second largest sector for euro high yield bonds.

Asian equities showed mixed responses to the increase in the federal funds rate announced by the Federal Open Market Committee (FOMC) on Wednesday night, while bonds in the region held up reasonably well. But there are worries that the pace of rate hikes until the end of 2019 might be too aggressive.

When UK telecoms company Vodafone announced in May that it had agreed to buy some of US rival Liberty Global’s European operations, it said it would use existing cash, €3bn of mandatorily convertible bonds and new debt, including hybrid bonds to fund the €18.4bn acquisition. On Wednesday, Vodafone sold the hybrid bonds, using four different tenors in three currencies.

US asset manager Pinebridge is positive on credit markets in the short to medium term, but the outperformance of assets in the past three years has increased the probability for a credit downturn according to a recent report it published.

Chinese scooter maker Niu Technologies is planning to float on the Nasdaq for up to $150m, filing a prospectus with the US regulator on Monday.

In the first deal from a UK bank since last week’s Salzburg summit, Royal Bank of Scotland came to the market on Monday with a senior bond from its holding company — looking to complete its sixth such transaction this year.

US healthcare company Abbott Laboratories debuted in the European corporate bond market on Monday, selling a €3.42bn triple-tranche deal. The proceeds of the jumbo deal were to repay the issuer’s outstanding deals in dollars.

Kate Birchall, the former head of portfolio optimisation and collateral at National Australia Bank, has been chosen by LCH to lead the Asia Pacific operations of its London-based clearing house LCH Limited.

US president Donald Trump took things up a notch with more tariffs on Chinese imports imposed on Monday, forcing China to retaliate. Meanwhile, his chief economic advisor said trade talks were still possible and BlackRock’s CEO said the US economy may actually benefit from trade war in the short term.

India’s Azure Power Global is in the market for a $185m capital increase that will be priced before its New York Stock Exchange-listed shares resume trading on Friday.

Nestle, Électrcité de France and BP have led a stampede to the dollar market ahead of an expected rate hike by the Federal Reserve next week, as credit markets shrugged off trade wars between the US and China.