United States

Foreign banks operating in the US could be allowed a more flexible funding structure, according to Randall Quarles, Federal Reserve vice-chairman for supervision. It could lower the cost of trapping liquidity and capital instruments in the intermediate holding companies (IHCs) they had to set up to keep operating in the US.

When the euro corporate market attempted to return to full speed after a pause on Wednesday, investors were given a tough choice between three triple-B rated issuers all selling seven year bonds and another selling a sub-benchmark five year tranche. The result was a bad one for issuers.

Three big hitters from the exchange, index creation and asset management worlds have collaborated to launch futures contracts referencing indices for the US corporate bond markets.

US pharmaceuticals company Mylan made its third visit to the euro corporate bond market in three years on Wednesday when it sold a €500m seven year deal with a €1.3bn order book.

Royal Bank of Scotland was selling new senior unsecured bonds in the dollar market on Tuesday, building on a series of success prints from European financial institutions.

Bank of America Merrill Lynch dropped its issuance forecast for this year by $20bn on Monday, in the middle of what is usually the busiest month in the primary market calendar for US high yield bonds.

CME Group on Monday launched two new indices to calculate the price of ether, the second most popular cryptocurrency after bitcoin by market capitalisation.

GlobalCapital is pleased to announce the winners for this year’s Americas Derivatives Awards. The results were announced at a gala dinner at the Metropolitan Club in New York on Thursday. The awards honour the firms and innovations that have pushed the derivatives market forward over the last 12 months.

BMW Finance had to negotiate its way through a busy corporate bond market on Monday as it sold a €1.75bn 4.5 and eight year dual tranche offering. It had to pay new issue premiums of around 8bp-10bp but saw strong demand.

Two A-rated corporates went head to head in the euro corporate bond market on Monday as UK pharmaceutical giant GlaxoSmithKline and US electrical systems manufacturer United Technologies Corp both launched triple-tranche deals, with two matching maturities, which totalled €4.5bn.

Texan chemicals group Kraton opened up the European high yield deal pipeline this week with a debut deal that will help refinance a dollar bond. The firm is also topping up a US loan as it looks to cut its borrowing costs.

Taiwan-based M17 Entertainment, a web streaming platform, has filed for a $115m IPO on the New York Stock Exchange.