United States
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Home to the world’s largest capital market, the US has what it takes to redraw the global heat map of renminbi internationalisation (RMBi) now that it has been awarded a clearing bank and the world’s second largest RMB investment quota. Yet this potential could be squandered by the upcoming presidential elections unless market forces prevail. -
High grade corporates sprang from earnings blackout to crank out multi-billion dollar deals this week as the event risk many had feared would throttle the market in October failed to materialise.
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US banks reporting earnings in the third quarter ubiquitously saw steep upturns in revenues from fixed income trading, despite some seeing overall falls in year over year revenues, as divergences of opinion on the Federal Reserve’s plans for interest rates caused increased trading in bonds.
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Wall Street’s biggest firms wasted no time hitting the dollar market with total loss absorbing capacity (TLAC) related deals after unveiling a strong recovery in third quarter earnings.
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Goldman is not the only US bank on the reputation radar this week. Wells Fargo’s sales scandal is a signal that, even in an industry as publicly loathed as banking (and we are well aware that the news media is another), reputation risk is to be taken seriously.
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The Depository Trust & Clearing Corporation has named the replacement for a departing senior official from its solutions and sales business.
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Goldman Sachs raised €1.25bn in callable senior debt on Thursday, showing other US banks that European accounts are comfortable investing in the total loss absorbing capacity (TLAC) friendly asset class.
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Industrial and Commercial Bank of China’s New York branch was forced to scrap a 10 year portion of a dual tranche bond on Monday because of a disagreement with investors over what it should pay. But all was not lost, as the issuer decided to make the most of the demand for the shorter tenor, taking home $1bn in the end, writes Addison Gong.
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China Resources Pharmaceutical Group, Samsung BioLogics and ZTO Express all have investors clamouring to join their IPOs, as they look to raise a combined $5.2bn.
