United States
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US brewer Molson Coors didn’t miss a beat as it hopped into the European corporate bond market on Wednesday, sweeping away Brexit-related uncertainty to issue an €800m eight year bond after closing a $5.3bn deal the day before. -
The US high grade corporate bond market has rebounded strongly following the UK’s decision to leave the European Union, after Molson Coors unveiled a multi-billion dollar M&A financing.
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The RMB remained a tiny portion of payments between the US and China in May, according to the latest Swift data. Meanwhile, the RMB remained in sixth position among the most used payment currencies.
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The market reaction to the UK’s surprise decision to leave the European Union has been immediate with stocks falling, the pound weakening and the country downgraded by international rating agencies. But market participants are worried that the worse has yet to come and London could be set to lose its shine as a premium renminbi hub.
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US and Asian regulators should hold fire on imposing margin rules on uncleared swaps to allow Europe to catch up, said the International Swaps and Derivatives Association (ISDA).
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Japan’s Honma Golf is planning a Hong Kong IPO under sole sponsor Morgan Stanley, according to its draft prospectus.
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A slump in high-grade issuance has prompted fears of a prolonged slowdown in US corporate bond supply, with borrowers shelving their funding plans until the autumn.
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Mizuho has hired Christopher Nam for its West coast technology investment banking team, a big part of the bank’s US expansion drive.
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OpenDoor Trading has re-engaged the services former chief operating officer, Chris Ferreri, as a member of its advisory board, just months after he left the firm to join a broker.
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China announced plans to expand its currency marketplace overseas this month with branches set to be open in London and New York. Market participants say this is all part of the renminbi internationalisation effort and is the first step to further liberalising the CNY foreign exchange market.
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In this round-up, South Korea’s RMB deposits drop to near-zero, South African rand starts direct trading with RMB, and BlackRock launches its first US-listed physical A-shares fund. Plus, a recap of GlobalRMB’s coverage this week.
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Panic around the rising likelihood of the UK choosing to leave the European Union in a referendum on June 23 sent European and US markets into turmoil this week, with volatility jumping as traders struggled to prepare for the two possible outcomes.
