United States

Filecoin, one of the first cryptocurrencies to function in explicit compliance with SEC securities regulation, is set to launch on Thursday on a platform called Coinlist, a fund-raising platform to help start-ups run their own "initial coin offerings". The offering is a test of whether the controversial capital raisings can function in accordance with rules designed for shares and bonds.

British American Tobacco set fire to any notion that markets close in August this week with a $20.8bn bond bonanza. It brought a $17.25bn eight tranche deal on Tuesday — the second largest bond transaction of the year in the US — and followed that with a €3.6bn-equivalent four tranche dual currency deal in Europe on Wednesday. Nigel Owen reports.

US electric car firm Tesla was roadshowing a $1.5bn eight year debut bond offering this week. The company can do no wrong in many observers’ eyes, although stripped back documentation is likely to deter at least some investors from the deal.

European corporate bond markets remain focused on British American Tobacco’s multi-tranche deal expected later this week. However, nine different investment grade issuers printed new issues in the US on Monday, making it the most varied day of 2017 so far.

UBS attracted around $7bn of demand for Monday’s dollar deal after announcing it at the start of the London market.

British American Tobacco is expected to bring the week-long run without any new corporate bond issuance to an end later this week. The UK based tobacco company could issue in dollars, euros and sterling.

Verizon Communications launched its first Australian dollar bond on Thursday. The four tranche deal is the largest corporate bond in the currency this year, raising A$2.2bn ($1.75bn) when it was priced on Friday.

The dollar FIG market took a breather after recording the busiest July on record amid red-hot market conditions.

The dollar market got off to a busy start in August with US telecoms heavyweights Verizon and Comcast taking home a combined $5.5bn on the back of strong demand.

Discovery Communications has agreed a $9.6bn bridge loan for its $14.6bn cash and stock acquisition of fellow US media corporation, Scripps Networks Interactive, as recent mergers and acquisition deals push US loan volumes up.

Verizon Communications launched its first Australian dollar bond on Thursday. As with its Swiss franc issuance in March, the US firm is aiming to further diversify its lending base.

The US student loan market is in bubble territory. At $1.3tr, it is the country's second largest consumer debt segment after residential mortgages. Yet, even though 44m Americans are saddled with student debt, at an average of around $37,000 per borrower, student loans are more a drag on economic growth than a disaster waiting to happen.