United States

The International Swaps and Derivatives Association (ISDA) has launched a protocol aimed at helping market participants comply with the variation margin requirements that come into force in March next year.

Far from seeing Tullett Prebon’s voice-hybrid push as a last stand of the dinosaurs against robot supremacy, those firms going all-in on electronic trading would do well to re-examine their own longevity.

Standard Chartered and Société Générale were both marketing dollar-denominated tier two bonds on Tuesday, as they looked to add to the $10.45bn of loss-absorbing debt Europe's banks have already raised in the US this month.

The World Bank began meeting investors this week for a landmark bond denominated in the IMF special drawing rights (SDR), after it gaining approval from the People’s Bank of China. More issuers are lining up to sell SDR bonds, with each trade likely to have unique features.

Tullett Prebon has extended its land grab in hybrid voice brokerage across trading classes, with a foreign exchange platform launch this week adding to recent manoeuvres in other areas such as rates and credit derivatives.

Dovish actions taken by the Bank of England last week, particularly its sterling corporate bond buying programme, helped send short dated credit and equity implied volatility near to their post-crisis lows, prompting traders to begin to roll out of short volatility trades and size up potential bumps in September.

One of the longest running and most painful sagas in global leveraged finance came to an end this week when high yield investors on Wednesday accepted Veritas Technologies’ €600m-equivalent secured seven year non-call three senior bond eight months after it was first launched. Victor Jimenez reports.

Two weeks into August and the anticipated summer slowdown is still not that slow, with big name borrowers continuing to test both the investment grade and high yield bond market, as well as bringing leveraged loans.

Tullett Prebon has teamed up with GMEX Group to launch a hybrid voice and electronic trading platform for foreign exchange options.

Veritas Technologies on Tuesday began marketing a €580m-equivalent secured bond, the last leg of the debt package that supports its acquisition by private equity firm Carlyle — and that investors rejected in November 2015.

Human resources company Randstad will draw down on its existing credit facilities to fund its acquisition of Monster Worldwide, a recruitment service connecting employers and potential employees. The $429m merger could mark the end of a highly acquisitive period for the Dutch group, as the company vowed to limit further M&A spending.

South Africa's Steinhoff is lining up $3.8bn in loans to buy bedding retailer Mattress Firm. The acquisition will give the retailer a foothold in the US consumer market.