United States

Business travel group Carlson is running a roadshow for what could be the European high yield market's last deal of the year as it aims to refinance its debt with a three tranche bond.

After completing a roadshow last week, US orthopaedic reconstructive products producer Zimmer Biomet made its debut in the euro bond market on Tuesday with a dual tranche transaction.

China's Baozun opened books on Monday morning for its first follow-on offering since its Nasdaq IPO in May last year, and is looking to raise around $85m.

Market participants should move to standardised collateral and terms to address variation margin requirements, the International Swaps and Derivatives Association (ISDA) has said, with many counterparties needing to amend, replace or introduce credit support annexes ahead of the March 1 deadline.

Volume figures released by major derivative exchanges for November show a marked rise over October's numbers, with some exchanges reporting record volume days in the aftermath of the US election.

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.