United States

US coatings manufacturer Axalta's euro and dollar term loans allocated this week, with 10 other leveraged loan deals expected to close in the next two weeks.

A trio of Wall Street heavy-hitters plundered the dollar market as December got off to a flyer in the countdown to year end and a probable rate rise.

Analog Devices was the stand-out issuer in the dollar market this week, wrapping up M&A-related financing as funding conditions remained positive in the run in to year end.

National Australia Bank issued its second dollar benchmark of the year and managed to fund at a slightly tighter level than it could have hoped for in euros. However, the more conspicuous funding advantage is in sterling covered bonds

CME Clearing Europe, CME Group’s London-based clearing house, has been approved by the US Commodity Futures Trading Commission as a derivatives clearing organisation (DCO).

US drugs specialist Catalent Pharma on Tuesday began offering its debut euro bond to investors as it sought funding for its acquisition of peers Pharmatek and Accucaps.

The quixotic quest of Minneapolis Federal Reserve president Neel Kashkari to “end too big to fail” requires nothing less than a total reordering of US bank regulation (and probably implies ditching Basel as well). But really solving the problem can’t just mean restructuring the banking system, it means nothing less changing how we think about money and debt as well.

The International Swaps and Derivatives Association and IHS Markit have unveiled the ISDA 2016 Variation Margin Protocol, which automates amending collateral documents or setting up agreements to comply with variation margin requirements from March 1.

Nasdaq-listed Baozun has filed for a follow-on of American Depositary Shares (ADSs) worth some $100m via three bookrunners.

European and UK issuers have driven the US Private Placement (US PP) market to near record highs, despite concerns around the Brexit vote and US presidential elections. Now, the prospect of the end of an era of record low rates could push volumes to unprecedented levels, writes Elly Whittaker.

Rising jitters around the approaching Italian referendum and ECB meeting in early December are keeping European credit spreads elevated, say traders, but many see the potential for a big rally given the extent of underperformance versus the US in November.

Corporate borrowers remained active in the dollar market in the run-up to the Thanksgiving holiday as investors continued to put cash to work in the high grade credit markets.