United States

US economic data, despite some positive signals, is consistent with a continuing turn higher in market volatility, quantitative modellers have said.

International Flavors & Fragrances was the only corporate issuer in the euro bond market on Monday as the US company made its debut offering in the currency.

Four banks from four jurisdictions got the FIG market off to a frantic start on Monday, and bankers think many more borrowers could hit screens before the European Central Bank meets on Thursday.

Hutchison China MediTech (Chi-Med), the drug-making arm of Hong Kong billionaire Li Ka-shing’s Hutchison Whampoa, has opened books for its $100m IPO on the Nasdaq.

Citi has hired two executives in equity derivatives from Goldman Sachs.

HSBC followed through on its plans to issue loss-absorbing senior debt from its holding company on Tuesday, offering a juicy pickup to its curve to dig deep into the dollar market for a $7bn deal.

Ford Motor Credit Company made its debut in the Singapore dollar bond market this week with a S$350m ($251m) transaction that investors were more than happy to put their money into.

A concerted rally of US and European credit and equity in the run-up to next week's European Central Bank meeting has all but eclipsed the blowout that occurred during last month’s turmoil. But traders warn that the market is still highly technical in its behaviour and further heavy volatility may not be far way.

Exxon Mobil on Monday reopened the dollar market for integrated oil companies with its biggest ever trade, as the blistering pace of issuance ensured March got off to a flying start amid stable funding conditions and tight pricing.

The dollar FIG market enjoyed its busiest week of the year as banks emerged from the sidelines to dominate the primary market following a two week rally in credit spreads.

Intercontinental Exchange’s assertion this week that it is mulling an offer for the London Stock Exchange Group, along with rumours of rival interest from CME, has ushered in a ‘phoney war’ with main suitor Deutsche Börse, say market participants — but the ensuing battle makes the future of LSE’s clearing business far from certain.

The CME Group will launch trading of a new dollar index futures contract in April, in collaboration with Bloomberg, with the new index including the offshore RMB (CNH) as one of its currencies.