United States

Faced by a dwindling market for single name credit default swaps and the prospect that dealers could retreat from the product due to higher margins on non-cleared derivatives, a group on the buy-side has taken clearing into their own hands, in what one seasoned observer said is an attempt to “head off” an uncertain regulatory foe.

The European high yield bond market tightened on news of the Federal Reserve’s rate hike but syndicate desks are still wary that the ugly situation in the US may have knock on effects in their market.

A US public sector borrower will bring a large green bond which will startle the US market, according to one market expert, as green bonds gain further importance after COP 21.

India's Azure Power Global is seeking approval to float on the New York Stock Exchange, having a filed a preliminary prospectus with the Securities and Exchange Commission on Wednesday.

The US Federal Open Market Committee (FOMC) raised federal funds rate for the first time since the financial crisis, opting for a 25bp increase. The move had been widely expected, but analysts are expecting a degree of volatility, at least in the offshore RMB (CNH) markets.

High yield credit and stock markets were immediate beneficiaries of the US Federal Reserve's decision on Wednesday to raise interest rates for the first time since 2006.

A group of 24 investment management firms has pledged to begin voluntarily clearing their single name credit default swap trades through central counterparties (CCPs), hoping this will encourage other buyside firms to follow suit and help revitalise the credit derivatives market.

Terex, the US lifting and material solutions company, has allocated $900m equivalent across two term loan facilities yesterday, widening the pricing on both.

With the market 81.4% sure that the Fed is going to raise rates today, according to the Fed Fund futures, the focus will be not be so much on the numbers, but the language used. One thing already seems clear, however: euro issuance stands to benefit hugely from a rate rise.

New York Stock Exchange listed Trina Solar is the latest Chinese company to announce plans to go private, and has picked Industrial Bank as the financial adviser and arranger of the debt financing.

Intercontinental Exchange (ICE) has completed a $5.2bn acquisition of Interactive Data Corporation.

The US Securities and Exchange Commission proposed rules last Friday aimed at curbing funds’ use of derivatives, in a move that could force some exchange traded funds (ETFs) to close.