United States

Nifty 50 futures trading on the Taiwan Futures Exchange will be able to be sold in the US, following a ruling by the Commodity Futures Trading Commission.

We noted last month that realised volatility in the European investment grade CDS market, as measured by the Markit VolX index, was at its lowest for two years. By the end of October, volatility had dipped to 18%, which was the lowest level since the heady days of June 2007. A number of future events were mooted that had the potential to trigger market uncertainty, including next month’s Italian referendum.

Novelis is to refinance debt raised in the US with an Asia loan, becoming the second company in India’s Aditya Birla Group to replace its term loan B with Asian liquidity. With plenty of cost savings on offer, bankers expect more companies to take a similar approach to fundraising, writes Shruti Chaturvedi.

A big rift in US volatility trading has opened in the week since Donald Trump’s shock presidential election win, with equity markets quickly calming after the result while the US Treasury yield curve sharply steepened.

Bayer successfully pulled off what was arguably this year’s biggest European ECM deal on Tuesday night, with a €4bn mandatory convertible and €1.5bn delta equity placement. But although both were fully sold and have traded stably, a good number of deal-playing investors are still putting in small orders.

The International Swaps and Derivatives Association has replaced the head of its implementation effort for margin on non-cleared derivatives, just months before the industry faces a major regulatory deadline.

Three corporate issuers pushed deals into a widening primary market on Wednesday with mixed results, as rates volatility kept new issue premiums elevated for borrowers.

Cancer drugs maker BeyondSpring has filed to list on Nasdaq to raise $100m, according to a Securities and Exchange Commission filing.

The deal the equity-linked bond market has been awaiting for months has arrived this evening. Bayer, the German life sciences group, has launched a €4bn mandatorily convertible issue as the first part of its $19bn equity financing for its takeover of Monsanto.

Rather than wailing about a regulatory Trumpocalypse, those who care about the health of financial markets should seize upon last week’s shock US presidential result to help bring about meaningful and beneficial changes.

Mylan, the US pharmaceutical company, rode its industry’s wave of post-Donald Trump euphoria on Tuesday as it revived a multi-tranche euro bond issue that it had delayed amid political noise in September.

The United States has elected a president who wants to tear up the country’s climate commitments, and burn coal like there’s no tomorrow. But financial institutions don’t need to follow the path of collective insanity. Many banks have already committed to stop or reduce their lending to coal. Even if the US government gets back into this obsolete, dirty fuel, banks should not follow.