United States

A shift of momentum in the US presidential race has sent tremors through derivatives markets this week, with equity implied volatility ramping up, credit index spreads widening and the Mexican peso slumping against the dollar.

The FIG primary market has largely remained quiet ahead of the US election on November 8, and some borrowers desiring funding have even sought ways around having to get caught up in its aftermath.

The EMEA loans market has been so far unruffled by next week’s US presidential elections — even if in the US itself deal flow has paused and the consequences of the vote could be far reaching, according to several loans bankers.

Banks and corporates in the US are increasingly interested in understanding the opportunities in renminbi, but they need to lose their addiction to the US dollar. The catalyst is likely to come from market trailblazers and improved infrastructure.

Four banks have teamed up with law firm Simmons & Simmons to introduce market standard documentation for use in listed and unlisted repackaging transactions, in a move that they hope will ease hedging counterparty concerns for investors and help drive activity in this part of the market.

Equity derivative implied volatility in the US has ramped up over the past week as opinion polls on the result of the election suggest a 'closer call'.

GDS Holdings received a thumping response from investors for its $192.5m Nasdaq IPO, but priced it below the initial range to capture long-only demand and a higher-quality book.

Two Chinese banks and one Taiwanese lender have banded together to supply a $630m leveraged buyout financing to support Carlyle’s acquisition of VXI Global Solutions.

The Depository Trust & Clearing Corporation has named a new head of its Fixed Income Clearing Corporation business.

US glass container manufacturer OI on Thursday added its deal, a loan-to-bond refinancing, to a high yield market scoreboard already loaded with another seven offerings.

Dollar borrowers filled their boots in the last full week of October with a flurry of benchmark deals while DCM bankers were cheering the prospect of another mega M&A financing following AT&T’s offer for Time Warner.

Total loss absorbing capacity-eligible callable deals issued in euros this week by Morgan Stanley and last week by Goldman Sachs could herald the future for bank senior unsecured paper. But regulatory clarity will be needed before it is possible to see whether European banks can follow suit, writes Bill Thornhill.