United States

Credit Suisse and UBS dominated Dealogic’s European FIG bookrunner rankings for 2015, helped by their issuer parents cranking up their issuance of holdco and capital instruments.

The GlobalCapital editorial team has picked what it believes to be the standout bond issues of 2015 across the financial institutions, public sector, emerging markets and corporate bond markets. We selected the trades that we think will be remembered for their success in challenging conditions, for making the best use of the demand available to them, or for having made a longer lasting impact, such as the re-opening of a market. The FIG Deals of the Year 2015 winners are presented here.

Qihoo 360 Technology is raising a $3.4bn equivalent renminbi loan to back its delisting from the New York Stock Exchange, picking China Merchants Bank to supply the funds.

The US Commodity Futures Trading Commission this week voted in a final rule on margin requirements for uncleared swaps for bank dealers and major swap participants – despite the objection of one of the three commissioners that it will be far less effective at reigning in US bank excesses than an earlier version

Persistent volatility has left the vast majority of bank capital trades trading wider in 2015, with poor periphery performers joined by some notable big hitters at the bottom of the pile.

The dollar market for corporate bonds came to a shuddering halt as potential issuers kicked borrowing plans into next year amid choppy market conditions.

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.