United States

Wells Fargo may have lifted the lid on a flurry of US senior trades in euros this week, opting for a rare but popular floating rate bond to become the first of the nation’s banks to head to Europe after reporting its results.

A growing list of fund managers are seeking access to China's interbank bond market (CIBM), with the likely inclusion of RMB bonds in global indices adding urgency for active and passive investors.

Shanghai Paipaidai Financial Information Service, which operates Chinese peer-to-peer lender Ppdai.com, is eyeing a $200m listing in the US.

The US Commodity Futures Trading Commission has settled a charge of spoofing in the US Treasury futures market with Citigroup, resulting in an order to pay a $25m civil monetary penalty.

The Trump presidency begins without China being labelled a currency manipulator, RMB keeps strengthening against the dollar, and the State Administration of Foreign Exchange emphasizes stability over reform.

US bank bosses, facing investors at results announcements this week for the first time since Donald Trump’s election victory, tackled questions about whether the post-Trump optimism was justified — and how their businesses would benefit from easier regulation and lighter taxes.

London based clearing house LCH made further inroads into the US this week, with the Commodity Futures Trading Commission (CFTC) giving LCH.Clearnet and its clearing members permission to portfolio margin customer positions.

The derivatives market obtained its strongest sign yet that US regulations are soon to move in a more trading friendly direction, with J Christopher Giancarlo not only confirming that he is the acting chairman of the Commodity Futures Trading Commission but also indicating that he will soften rules governing variation margin posting and swap execution facilities.

Activity in the US dollar bond market slowed to a standstill this week as earnings blackout periods kept corporate America on the sidelines.

Wall Street banks celebrated a surge in earnings by flooding the dollar market with multi-billion dollar trades featuring callable tranches this week.

Donald Trump could end up being China’s best friend following his comments this week that the dollar is too strong. If the US president elect decides to engineer a weaker dollar, it would help solve China’s most imminent issue — capital outflows.

Pattern Energy Group is planning to print its first corporate bond this week with a $350m high yield offering that will primarily finance acquisitions of wind power projects from its developer-sponsor, Pattern Development.